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.
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"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.
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