Last checked at 26 Jul 2016 12:38
26 July 2016
Orogen Gold Plc
("Orogen Gold", "Orogen" or "the Company")
£350,000 Equity Fundraising
Orogen Gold, the AIM quoted mineral exploration company focused on gold exploration and development, announces that it has, through its broker Beaufort Securities Limited, conditionally placed 2,333,333,333 new ordinary shares of 0.01p each ("Ordinary Shares") (the "Placing Shares") with investors at a price of 0.015p per share, raising £350,000 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 programmes.
The Placing Shares, which represent approximately 29.8% of the Company's enlarged share capital, will rank pari pasu 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 9 August 2016.
For the purpose of the Disclosure and Transparency Rules, the Company's total issued share capital following the completion of the Placing will comprise 7,841,026,670 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 calculation by which they will determine if they are required to notify their interest in, the Company, under the Disclosure and Transparency Rules.
Enquiries:
Orogen Gold plc Colin Bird, CEO / Alan Mooney, FD | C/o Walbrook PR |
Cairn Financial Advisers LLP (Nominated Adviser) Liam Murray / Sandy Jamieson | +44 (0) 20 7148 7900 |
Beaufort Securities Limited (Broker) Jon Belliss | +44 (0) 20 7382 8300 |
Walbrook (Public Relations and Investor Relations) Paul Cornelius / Gary Middleton | +44 (0) 20 7933 8780 |
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 and is currently operating a gold exploration project at Mutsk in Armenia. The Mutsk project was optioned by Orogen early in 2013 to follow-up reports of a new epithermal discovery within an established gold district. Exploration by Orogen has confirmed and extended the gold discovery through diamond drilling and the deposit remains open in several directions. In Nevada, an Earn-In Agreement was recently signed covering the Silverton gold-silver prospect, giving Orogen the right to earn in to an initial 51% interest in the property. Anomalous gold values are recorded from bedrock across much of the property, but previous drilling is not considered to have adequately tested the potential gold sources.