LONDON (Alliance News) - Ortac Resources Ltd on Tuesday said it has raised GBP350,000 from a share placing to back work in its mineral project portfolio and for working capital.
The company issued 1.40 billion shares at 0.025 pence per share. Shares in the company were down 5.9% at 0.040p on Tuesday morning.
Three Ortac directors took part in the issue, with Executive Chairman Anthony Balme buying a total of 80.0 million shares, taking his holding to 382.6 million shares in total, or a 6.7% stake.
Non-Executive Director Paul Heber bought 16.0 million shares, taking his holding to 40.0 million or 0.7%, while Chief Executive Vassilios Carellas bought 8.0 million shares, taking his holding to 62.0 million or 1.1%.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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