Medavinci plc Completes £1.75million Fundraising
8th December 2010
Zeus Capital, the Manchester based Corporate Finance advisory firm, advised MedaVinci plc on its £1.5 million fundraising, through the issue of 375,000,000 new ordinary shares of 0.1p each (“Placing Shares”) at a price of 0.4p per share (the “Placing”).
The Company’s initial focus is on the Deli Jovan Gold Project, a 69 sq km permit-area in eastern Serbia covering two historical shallow underground gold mines (the Rusman and GinduÅ¡a Mines), that were last in production pre World War II, and over which Orogen Gold has an Earn-in Agreement. Under the Earn-in Agreement, Orogen Gold has the right to an initial interest of 55 per cent. in the Deli Jovan Gold Project if it spends a minimum of C$1.5 million (£945,000) on exploration by 20 June 2012 and a further interest of 20 per cent. upon an additional spend of C$2.0 million (£1.26 million) by 20 December 2013, giving Orogen Gold an aggregate interest in 75 per cent. of the Deli Jovan Gold Project.
The initial objective of a detailed and phased Exploration Programme is to demonstrate an initial 100,000 oz inferred gold resource at the Rusman and GinduÅ¡a Mines which is envisaged to be sufficient to under pin two to three years of mine production.
MedaVinci’s medium term strategy is to develop Deli Jovan as a revenue generating project which will provide a base to expand into other gold project exploration development opportunities in Europe and further east.