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6 Jan 2015 07:00
6 January 2015
Ortac Resources Ltd ("Ortac" or the "Company")
Directors Dealing & Issue of Equity
Ortac Resources Ltd, the AIM listed exploration and mine development company, is pleased to announce that further to the placing announcement dated 2 December 2014 and following the release of the Interim Results on 23 December 2014, the Directors of the Company have subscribed for 35,000,000 new ordinary shares at 0.10 pence per ordinary share ('Placing Shares') raising £35,000 (the 'Placing'). The funds raised will be used by the Company to further develop its existing portfolio of mineral projects and enable the Company to exploit additional opportunities that may arise.
The Company was informed that that as a result of a divorce settlement having being finalised, Anthony Balme's shareholding immediately prior to the Placing has been reduced by 5,204,213 shares to 176,169,250.
The Director's shareholdings, prior to and following the Placing, are as follows:
Director | Number of existing Ordinary Shares prior to the Placing | Percentage of existing issued share capital
| Number of Placing Shares subscribed for in the Placing | Number of Ordinary Shares following the Placing | Percentage of issued share capital following the Placing |
Anthony Balme | 176,169,250 | 6.34% | 20,000,000* | 196,169,250 | 6.97% |
Vassilios Carellas | 35,391,175 | 1.27% | 5,000,000 | 40,391,175 | 1.43% |
Paul Heber | 5,000,000 | 0.18% | 5,000,000 | 10,000,000 | 0.36% |
David Paxton | 29,022,220 | 1.04% | 5,000,000 | 34,022,220 | 1.21% |
* A D N Balme subscribed for 3,000,000 Placing Shares, Carter Pension subscribed for 7,000,000 Placing Shares, AMC Ltd. Subscribed for 6,000,000 Placing Shares and Carter Capital subscribed for 4,000,000 placing shares.
Application will be made for the Placing Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective on or around 12 January 2015. The Placing Shares will rank pari passu with the existing ordinary shares.
In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that following the Placing it has 2,815,679,020 ordinary shares of no par value each in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.
The above figure of 2,815,679,020 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
---ENDS---
For additional information please visit - www.ortacresources.com
Ortac Resources Ltd Vassilios Carellas (CEO) | +44 (0) 20 7389 9050 |
Cantor Fitzgerald Europe (Nominated Adviser & Broker) Stewart Dickson / Jeremy Stephenson | +44 (0) 20 7894 7000 |
SP Angel (Broker) Ewan Leggat / Katy Birkin | +44 (0) 20 3470 0470 |
Loeb Aron & Co (Broker) John Beresford-Peirse / Anthony Kluk | +44 (0) 20 7628 1128 |
Yellow Jersey (Media Relations) Dominic Barretto / Kelsey Traynor | +44 (0) 7768 537 739 |
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