Last checked at 24 Oct 2016 07:00
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration
24 October 2016
ORTAC RESOURCES LTD
("ORTAC" OR THE "COMPANY")
Ortac increases stake in Casa Mining Limited and
Share Issue - Director's Share Dealing
Ortac Resources Ltd ("Ortac"), the AIM listed exploration and mine development company, is pleased to announce that on 21 October 2016 it acquired 124,722 shares in Casa Mining Limited ("CASA") ("Casa Shares"). 62,788 Casa Shares were acquired from AMC Limited and 61,934 Casa Shares were acquired from Carter Capital Limited, both companies being controlled by Anthony Balme, the Executive Chairman of Ortac.
Ortac will satisfy the consideration due for the Casa Shares by issuing 251,296,486 New Ordinary Shares of no par value of Ortac ("New Ordinary Shares") to Anthony Balme at a deemed price of 0.0325 pence per share for a total consideration of GBP£81,671.36.
Following the issue of New Ordinary Shares, Anthony Balme will have an interest in an aggregate of 753,890,249 Ordinary Shares of no par value of Ortac ("Ordinary Shares"), representing 10.10% of the enlarged share capital of the Company.
Vassilios Carellas, Ortac's CEO, commented: "This purchase of Casa Mining shares takes Ortac's shareholding to 21.25%, which not only materially increases Ortac's interest in CASA, but also aligns Mr Balmes interests in CASA to those of the Ortac shareholders".
Admission of New Ordinary Shares
Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM, with admission expected to become effective on 27 October 2016. The New Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid in respect of the ordinary share capital of the Company following Admission.
Following Admission, there will be 7,463,507,859 Ordinary Shares in issue. This figure may be used by shareholders 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 Ortac, under the FCA's Disclosure and Transparency Rules.
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.
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the directors' participation in the Placing.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Anthony Balme | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Executive Chairman | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Ortac Resources Limited | ||||
b) | LEI: | |||||
4a. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of no par VGG6829M1005 | ||||
b) | Nature of the transaction: | Grant of new ordinary shares | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||
e) | Date of the transaction: | 2016-10-21 17.00hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
4b. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of no par VGG6829M1005 | ||||
b) | Nature of the transaction: | Grant of new ordinary shares | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||
e) | Date of the transaction: | 2016-10-21 17.00hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
**ENDS**
Contacts
Ortac Resources Ltd Vassilios Carellas (CEO)
| +44 (0) 20 7389 9050 |
SP Angel (Nominated Adviser & Broker) Ewan Leggat / Lindsay Mair
Beaufort Securities (Joint Broker) Jon Belliss / Elliot Hance | +44 (0) 20 3470 0470
+44 (0) 20 7382 8300 |
Peterhouse Corporate Finance Limited (Joint Broker) Guy Miller / Lucy Williams
| +44 (0) 20 7469 0930 www.pcorpfin.com |