Ovoca Bio Regulatory News (OVB)

17 Jun 2005 16:35

Ovoca Resources PLC17 June 2005 OVOCA RESOURCES PLC Placing to Raise €1.69 million 17 June 2005 - The Board of Ovoca Resources plc ("Ovoca" or "the Company") is pleased toannounce the conditional placing of 16,900,000 new Ordinary Shares of nominalvalue €0.025 ("New Ordinary Shares") in the capital of the Company at €0.10 pershare, equating to 18% of the existing issued share capital of the Company andraising in aggregate €1.69 million before expenses ("the Placing"). For each twoplacing shares subscribed for and allotted, the Company will issue a warrantexercisable at any time before 25 June 2006 to subscribe for one Ordinary Shareat €0.13. The Company intends to use the proceeds of the Placing to facilitatethe development of its exploration assets in Russia, Sweden and Ireland. Completion of the Placing is conditional upon on shareholder approval andadmission of the New Ordinary Shares to trading on the Irish Enterprise Exchange("IEX"). A document giving notice of an extraordinary general meeting (the"EGM") was posted to shareholders on 31 May 2005. The EGM has been convened for10.00 a.m. on Friday, 24 June, 2005 and will be held at The Berkeley CourtHotel, Lansdowne Road, Ballsbridge, Dublin 4, Ireland. It is expected that,subject to prior satisfaction of its conditions, the Placing will complete on 24June 2005. Enquiries to: Barrie Oakes +44 (0)795 1139266 Chief Executive Ovoca Resources plc Roger Turner +44 (0)1273 495500 Chairman Ovoca Resources plc John O'Connor +353 (0)1 491 2944 Finance Director Ovoca Resources plc Fergal Meegan +353 (0)1 679 6363 Davy Corporate Finance Limited This announcement has been issued through the Companies Announcement Service of The Irish Stock Exchange This information is provided by RNS The company news service from the London Stock Exchange