Orogen Gold PLC £450,000 Equity Fundraising (8113A)

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RNS Number : 8113A

Orogen Gold PLC

30 September 2015

Orogen Gold plc

("Orogen Gold" or the "Company")

GBP450,000 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 GBP450,000 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              Placing   Shareholding    % of enlarged 
                      prior to    Shares subscribed      following    share capital 
                       Placing                  for        Placing 
 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 [phone]

Colin Bird, CEO

Alan Mooney, FD

   Cairn Financial Advisers LLP (Nominated Adviser)                          [phone] 

Avi Robinson/ Liam Murray

Beaufort Securities Limited (Broker) [phone]

Jon Belliss

   Walbrook (Public Relations and Investor Relations)                      [phone] 

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.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 30, 2015 11:52 ET (15:52 GMT)