LONDON (ShareCast) - Gold explorer Orogen has tapped the market for 650,000 pounds to help speed up its exploration programme at the Mutsk gold project in southern Armenia.

It placed 216.6m shares with existing and new investors at a price of 0.3p a share. The placing represents 9.04% of the company’s enlarged share capital.

Orogen reported a positive start to its drilling campaign at Mutsk in August.

Chief Executive Ed Slowey said: "These new funds will provide us with a strong base from which to plan our 2014 work programme, and will also allow us to re-commence drilling during the remainder of this Autumn season"

The five Directors in the company including Slowey subscribed for 6.7m shares each in the placing.

Shares in Orogen were up 1.5% at 0.34p at 15:08 on Friday.

TB

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