Shareholders in exploration company Ovoca Gold have approved its acquisition of a 74% stake in CJSC Ayax Prospectors Artel.
Ayax owns the Goltsovoye silver licences in north-east Russia. Three new Russian members have joined Ovoca's board following the EGM vote.
Ovoca has also raised £5m through a share placing. This will be partly used to develop the newly acquired deposit. The three new Russian directors subscribed for £2m of the £5m private placing.
