Oro Verde Ltd (ASX:OVL) has agreed to place 70 million shares to institutional and sophisticated investors priced at $0.012 to raise $840,000.
Funds raised will be used to advance the company’s gold projects in Nicaragua as well as for general working capital.
Oro Verde and joint venture partner, Newcrest Mining Ltd (ASX:NCM) aim to discover multi-million ounce, high grade, epithermal gold deposits at the Topacio Gold Project located in Nicaragua.
Brett Dickson, finance director, commented: “I am very pleased with the support shown from both existing and new shareholders with significant interest coming out of North America.
“Oro Verde’s Topacio project is entering a very exciting phase with strong drill targets being generated by results from recent exploration activities.”
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