OREANDA-NEWS. September 19, 2011. ZAO Raiffeisenbank acted as a financial consultant of the gold miner OJSC Vysochaishy (GV Gold) in an investment deal with the European Bank for Reconstruction and Development (EBRD), reported the press-centre of Raiffeisenbank. 

EBRD acquired 5.26% in GV Gold on 31 August, 2011, paying RUR 1.53 bn for the company’s additional equity offering. As a result, GV Gold’s market capitalization was valued above USD 1 bn. Sergei Dokuchaev, shareholder and chairman of GV Gold’s board of directors, said, "We are satisfied with the placement results, and believe that for GV Gold, to have a shareholder like EBRD opens new horizons for development".

Offering proceeds will be used to finance modernisation and expansion purposes, acquisition of new assets, as well as strengthening of the Company’s corporate profile.