Orogen Gold places 240m shares with board members

Orogen Gold, an exploration company focused on gold exploration and development in Eastern Europe, has placed 240m shares with members of the board at 0.5p each to raise funding for the Deli Jovan gold project into 2013.

Orogen Gold, an exploration company focused on gold exploration and development in Eastern Europe, has placed 240m shares with members of the board at 0.5p each to raise funding for the Deli Jovan gold project into 2013.

The placing raised net proceeds of about £1.135m and covers earn-in to 75 per cent of the project.

Ed Slowey, Chief Executive of Orogen Gold said: "We are very pleased to have completed this successful placing which represents a further strong show of support by the market in the company and its management. The funds will allow us to increase our interest in the Deli Jovan gold project to 75% through additional work on the property into 2013. Orogen Gold will also be well placed to more aggressively follow through on new project acquisition which will help to grow the company.

"Since our previous share placing last year, we have so far completed the work programme at Deli Jovan in line with our work plan, delivering the very encouraging underground and drill results already reported. Further results from the drilling programme can be anticipated within the coming weeks and we look forward to reporting on those as they come through."

The new shares will represent approximately 11.19% of the company's enlarged share capital.

NR

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Best savings accounts – February 2023
Savings

Best savings accounts – February 2023

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now
3 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
3 Feb 2023
After slumping 42% last year, what's next for Scottish Mortgage?
Investment trusts

After slumping 42% last year, what's next for Scottish Mortgage?

After a spectacular couple of decades, the Scottish Mortgage Investment Trust fell by 42% last year. We take a look at the trust's performance and dis…
3 Feb 2023