Disposal Completion

RNS Number : 1792M

Ovoca Gold PLC

23 January 2009

 



Ovoca Gold plc Ovoca' or the 'Company')

Completion of disposal of CJSC Prospectors Artel Ayax

Ovoca (London (OVG.L), Dublin (OVX.IR), Frankfurt (OVX.GR)) is pleased to announce that it has completed the disposal of 100% of CJSC 'Artel of prospectors 'Ayax' ('Ayaks'), as announced on 19 December 2008.  JSC 'Polymetal ('Polymetal') and a third party entity have now acquired 100% of the shares in CJSC 'Artel of prospectors 'Ayax' ('Ayaks') from a subsidiary of Ovoca Gold Plc for US$3,043,342 in cash and 7.5 million of Polymetal's common shares and a Deed of Novation and Assignment pursuant to which Polymetal conditionally acquired receivables of US$8,653,682.10 due from Ayax to Ovoca in exchange for a payment of US$8,653,682 by Polymetal to Ovoca (the 'Transaction').

Further details on the Transaction can be found in regulatory announcements by the Company on 19 November 2008 and 19 December 2008.

Ends

For further information please contact:

Leonid Skoptsov - Ovoca Gold plc

Tel: [phone]

 

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