Shareholders of Irish exploration company Ovoca have approved the acquisition of a 74 per cent interest in Russian mining company CJSC Ayax Prospectors Artel.
Ovoca also announced the appointment of three new directors, Leonid Pavlovich Skoptsov, Yuri Ivanovich Radchenko and Mikhail Alexandrovich Mogutov, to it board.
Ovoca also announced the the successful completion of a private placement to raise £5 million.
The funds raised are to be deployed on the evaluation and development of the recently acquired silver deposit Goltsovoye, located in the Magadan Oblast of north-east Russia, in addition to advancing the company's other projects in the Kola Peninsula and in Scandinavia.