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9 Sep 2008 14:19
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Ovoca Gold PLCΒ ("Ovoca" or the "Company")
EquityΒ Placing
OvocaΒ (London AIM (OVG.L), Frankfurt (OVX.GR) and Dublin IEX (OVX.IR)Β is pleased to announce that it has agreed the terms of a conditional placing ofΒ 6,471,000Β new ordinary shares of β¬0.025 each ("Ordinary Share") at a price ofΒ Β£0.065Β per Ordinary Share (the 'Placing Shares'), raising gross proceeds of Β£420,615Β ("the Placing").Β
The Placing priceΒ isΒ aΒ 10.9%Β premiumΒ to the average mid marketΒ closingΒ price on the London Stock Exchange ofΒ Β£0.059Β per Ordinary share on the ten trading daysΒ prior toΒ 9Β SeptemberΒ 2008.Β Β In addition,Β the CompanyΒ has issued warrants to subscribeΒ forΒ 3,235,500Β Ordinary SharesΒ which have an exercise price ofΒ Β£0.082Β per shareΒ andΒ can be exercisedΒ at any time up toΒ 4Β SeptemberΒ 2009.Β Β The warrants, which are transferable, will not be quoted on any market.Β The Placing is conditional on the Placing Shares being admitted to trading onΒ the IEX Market of theΒ Irish Stock Exchange ("IEX") andΒ the AIM Market of the London StockΒ ExchangeΒ ("AIM").
The net proceeds of the PlacingΒ willΒ be usedΒ inΒ the evaluation and development of theΒ GoltsovoyeΒ silver deposit, located in the Magadan Oblast of north-eastΒ Russia,Β and for working capital purposes.Β
Leonid Skoptsov, CEOΒ of Ovoca,Β will subscribe for the following Placing Shares:
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Β
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Placing Shares subscribed for:
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Resultant holding of Ordinary Shares:
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% of Enlarged Share Capital:
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Subishico Trading Company Ltd*
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2,157,000
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39,578,743
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8.9536
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Β
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Β
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Β
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Β
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Warrants received pursuant to the Placing:
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Resultant holding of Warrants:
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Subishico Trading Company Ltd*
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Β
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1,078,500
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4,943,225
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Β
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Β
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Β
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Β
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Β
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*Β The Saint George Trust, of which Leonid Pavlovich Skoptsov is a director and beneficial owner of, isΒ aΒ beneficial shareholder in Subishico Trading Co Ltd.
ApplicationΒ willΒ be made to the Irish Stock Exchange and the London Stock Exchange for the placing shares to be admitted to trading on IEX and AIM respectively Admission is expected to occur byΒ 16Β SeptemberΒ 2008.
For further information please visitΒ www.ovocagold.com,Β www.ovocagold.euΒ Β or contact:
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Leonid Skoptsov - Ovoca Gold Plc Tel + 7 (0)495 648 2646 Email:Β leonid.skoptsov@ovocagold.com |
Danesh Varma - Ovoca Gold Plc Tel: 08452 606 034 Fax: 020 7653 9889Β Email:Β danesh.varma@ovocagold.com |
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John Frain - Davy TelΒ : +353 (0)1 679 6363Β |
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange.
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