Hi there, yep this is a dog we should have put down years ago, I'm afraid.
Report from the Kennel Club, I mean ProactiveInvestor's : Ortac Resources* (LON:OTC) – Placing results • SP Angel have raised £400,000 for Ortac Resources through the placing of 800m new shares at 0.05 pence per share. • Funds are to be used to develop the portfolio of existing mineral projects and for working capital. • The company holds convertible loan notes representing a 20% interest in Zamsort a copper miner with significant exploration licenses in Zambia. • Ortac also holds an additional loan note with if converted would give Ortac a further 19.35% in Zamsort to take its stake to 39.35%. • Ortac increased its ownership in Andiamo Exploration from 18% to 25% earlier this year. Andiamo is working towards a JORC resource on its Yacob Dewar project in Eritrea. • Ortac has slowed progress at its Sturec gold project in Slovakia due to permitting issues. Conclusion: The injection of new funds should enable Ortac to make further progress with Zamsort and Andiamo *SP Angel acts as Nomad and broker to Ortac Resources
---------------------------------- Another Director walks today - without explanation just 'we wish him well'. Not very encouraging.
Tarnow - Agree, Slovakia is now part of Never Never Land as far as I can see.
I had little top up. This is all about zamsort and andiamo now. Could be two pieces of good news before year out. Zamsort starting production, and andiamo jorc maiden resource. Both these projwcts have very good chance of being small scale profitable mines with low capex. Slovakia is a waste of space.
Talks well, obviously knows his onions, reckons our Zamsort investment was taken at the right time as others investing under less favourable terms now, offers very little hope in Slovakia, upbeat how the Mgmnt. have always chipped in in the Placings (as they have today). See for yourself :
If that is the case why are you still posting on this BB ? Is it because you feel so sorry for all those who have been suckered in and you are such an altruistic person you cannot bear for them to throw good money after bad. C'mon spill the beans, or are you just a saddo troll with nothing better to do with your time. Interesting though how times change. A few years ago punters on these AIM BB were forever bragging about how much they'd made but now it seems to be au rigeur to boast about how much they have lost. My how times change only consistent comments seem to be that the MMs are responsible for their self inflicted downfall. That much is consistent
You're right there about the long-term holders and I'm unfortunately one of them. You know how it goes, always hoping for something to pick up and it never does but keeps slowly drifting.
Don't think it's going under anytime soon if it has now raised more cash and perhaps newbies might do well, you never know.
I live and learn and it's often painful and a serious amount of my money has gone in this baby but at least learnt to resist all thought of 'topping up' or 'averaging down' for several years now but feel this 0.05p placing may have drawn the final line at the bottom.
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