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30 Sep 2015 16:52
Orogen Gold plc
("Orogen Gold" or the "Company")
£450,000 Equity Fundraising
The Company announces that it has, through its broker Beaufort Securities Limited, conditionally placed 1,800,000,000 new ordinary shares of 0.01p each ("Ordinary Shares") (the "Placing Shares") with existing and new investors at a price of 0.025p per share, raising £450,000 before expenses (the "Placing"). The net proceeds of the Placing will provide additional working capital, which will be used, inter alia, to advance the Company's exploration programs and to develop new projects.
The Placing Shares, which represent approximately 32.7% percent of the Company's enlarged share capital, will rank pari passu in all respects with the existing ordinary shares. Application will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 7 October 2015.
Directors' Dealings
The directors of the Company have each agreed to subscribe for Placing Shares as set out in the table below.
Director | Shareholding prior to Placing | Placing Shares subscribed for | Shareholding following Placing | % of enlarged share capital |
Adam Reynolds | 62,040,580 | 25,000,000 | 87,040,580 | 1.58 |
Colin Bird | - | 100,000,000 | 100,000,000 | 1.82 |
Ed Slowey | 140,896,071 | 25,000,000 | 165,896,071 | 3.01 |
Alan Mooney | 104,610,907 | 25,000,000 | 129,610,907 | 2.35 |
Michael Nolan | 110,110,907 | 25,000,000 | 135,110,907 | 2.45 |
Total Voting Rights
For the purposes of the Disclosure and Transparency Rules, the Company's total issued share capital following the completion of the Placing will comprise 5,507,669,337 Ordinary Shares with one voting right per share. There are no shares held in treasury.
Shareholders may use the above figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.
Enquires:
Orogen Gold plc +353 1662 8395
Colin Bird, CEO
Alan Mooney, FD
Cairn Financial Advisers LLP (Nominated Adviser) +44 (0) 20 7148 7900
Avi Robinson/ Liam Murray
Beaufort Securities Limited (Broker) +44 (0) 20 7382 8300
Jon Belliss
Walbrook (Public Relations and Investor Relations) +44 (0) 20 7933 8780
Paul Cornelius/ Guy McDougall
About Orogen Gold
Orogen Gold plc is a UK public company quoted on the London Stock Exchange AIM market (ticker: ORE). The Company is focused on mineral exploration and development in Europe and is currently operating two gold exploration projects: a) at Mutsk in Armenia and b) at Deli Jovan in Serbia. The Mutsk gold project in Armenia was optioned by Orogen early in 2013 to follow-up reports of a new epithermal discovery within an established gold district. At Deli Jovan the historic high-grade gold mining camp was last in production prior to World War II and has been significantly under-explored in modern times. The Mutsk project has been prioritised by the Company due to the clear potential evident on the property.
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