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INOVIQ LTD — Capital/Financing Update 2008
Apr 1, 2008
65112_rns_2008-04-01_a950ad49-0ca9-43bb-8952-8f017e734107.pdf
Capital/Financing Update
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ASX & AIM Symbol "EUG"
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EUROGOLD
L I M I T E D
(ACN 009 070 384)
02 April 2008
Settlement with Oxus Gold Plc
Further to our announcement of 19 February 2008, and in accordance with the agreement reached with Oxus Gold Plc ('Oxus"), Eurogold Limited ("Eurogold") advises that it has received an amount of A$5,060,000 from Oxus.
Eurogold expects to receive a further A$1,720,000 on or before 6 May 2008 under the terms of settlement with Oxus.
On or before 21 May 2008 Oxus is to issue Eurogold Oxus shares in accordance with the terms of settlement. This will complete the settlement.
IMF Australia (Limited)
In accordance with the agreement entered into with IMF (Australia) Limited ("IMF") under which IMF funded the Australian Federal Court proceeding against Oxus, Eurogold will pay IMF 30% of the total proceeds of the settlement.
Resource Invest LLC
In July 2007 Eurogold disposed of its Ukrainian gold mining assets to Resource Invest LLC ("RIL") for US$5 million. US$2 million has been received and the balance of US$3 million is due from RIL upon a regulatory milestone relating to the advancement of the Saulyak Gold Project being met.
Upon receipt of the US$3,000,000 from RIL, settlement with Oxus and after payment to IMF, the Company's cash position will be approximately A$10,000,000. The Directors' continue to pursue new investment opportunities.
Peter Gunzburg Chairman
For further information, please contact:
Peter Gunzburg – Managing Director – Ph: +61 8 9481 0572, Email: [email protected]
RFC Corporate Finance Ltd acts as Eurogold’s Nominated Adviser Contact: Stuart Laing – Ph: +61 8 9480 2506, Email: [email protected]