Exploration company Ovoca Resources, which is listed in Dublin, is aiming to raise around €500,000 net of expenses through a placing of new shares at a price of six cent per share.
The proceeds will be used to fund overheads, exploration work and Ovoca's share of development spending on its 50% joint venture Optimum Energy. Ovoca says the energy project is now its main focus.
As part of the placing, two directors who made loans of €50,000 each to the company have agreed to capitalise these loans by taking 833,333 new shares at the placing price.
