Source - RNS
RNS Number : 8344K
Ortac Resources Limited
26 September 2016
 

26 September 2016

Ortac Resources Ltd

("Ortac" or the "Company")

 

Placing and Increase in Andiamo Stake

 

The Board of Ortac, the AIM quoted exploration and mine development company, announces that Peterhouse Corporate Finance Limited has raised £200,000 for the Company through a placing of 800,000,000 new ordinary shares of no par value in the Company ("Placing Shares") at a price of 0.025 pence per share (the "Placing") the proceeds of which are to be used for general working capital purposes.

 

The Company also announces that it has agreed to acquire an additional 640,000 shares in Andiamo Exploration Limited ("Andiamo") for a total consideration of £50,000 in cash. Following this acquisition, Ortac will hold 10,640,000 shares in Andiamo, increasing the Company's stake in the company to 26.99%.

 

Application has today been made for the Placing Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective on or around 30 September 2016. The Placing Shares will rank pari passu with the existing issued ordinary shares of the Company.

 

Following the Placing there will be 6,532,211,373 ordinary shares in issue. No ordinary shares are held in treasury.

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

-ENDS-

 

 

 

For further information, please contact:

 

 

Ortac Resources Ltd

 

 

Vassilios Carellas (CEO)

 +44 (0) 20 7389 9050
 

 

SP Angel Corporate Finance LLP

(Nominated Adviser & Broker)
Ewan Leggat/Lindsay Mair

 

 +44 (0) 20 3470 0470

 

 

Joint Brokers

 

 

 

Beaufort Securities

Jon Beliss / Elliot Hance

 

+44 (0)20 7382 8300

 

Peterhouse Corporate Finance Limited

Guy Miller

Lucy Williams

+44 (0) 20 7469 0930

www.pcorpfin.com

 

 

 

For additional information please visit - www.ortacresources.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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