Last checked at 8 Mar 2016 07:00
8 March 2016
Ortac Resources Ltd
("Ortac" or the "Company")
PLACING & ISSUE OF EQUITY
Ortac Resources Ltd, the AIM listed exploration and mine development company, is pleased to announce that it has raised £350,000 before expenses from a placing of 1,400,000,000 new ordinary shares of the Company at a price of 0.025 pence per share ("Placing Shares"). Directors of the Company and parties connected thereto have subscribed for 200,000,000 Placing Shares. The funds raised will be used by the Company to develop its expanding portfolio of mineral projects and for working capital purposes.
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 held following the Placing |
Percentage of issued share capital following the Placing |
Anthony Balme * | 302,593,763 | 6.98% | 80,000,000 | 382,593,763 | 6.67% |
Paul Heber | 24,000,000 | 0.55% | 16,000,000 | 40,000,000 | 0.70% |
Vassilios Carellas | 54,000,000 | 1.25% | 8,000,000 | 62,000,000 | 1.08% |
Total | 380,593,763 | 8.79% | 104,000,000 | 484,593,763 | 8.45% |
*Anthony Balme's shares are to be purchased by Anthony Balme (20,000,000 ordinary shares), Carter Capital Ltd (20,000,000 ordinary shares), Carter Capital Ltd Pension Scheme (20,000,000 ordinary shares) and AMC Ltd (20,000,000 ordinary shares).
Vassilios Carellas, CEO of Ortac commented:
"It is pleasing to note the continued confidence in our projects, which stands along side the demonstration of the Directors our own commitment to the Company. Shareholders will be pleased to hear that Zamsort continues to move forward towards production and I shall be following up our investment in Casa Mining with a site visit over the next couple of weeks and look forward to reporting more news on my return."
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 21 March 2016. The Placing Shares will rank pari passu with the existing issued ordinary shares of the Company.
In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that following the Placing it has 5,732,211,373 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 of the Company in treasury.
The above figure of 5,732,211,373 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.
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For additional information please visit - www.ortacresources.com
Ortac Resources Ltd Vassilios Carellas (CEO)
| +44 (0) 20 7389 9050 |
SP Angel (Nominated Adviser & Broker) Ewan Leggat / Tercel Moore
Beaufort Securities (Joint Broker) Jon Beliss / Elliot Hance | +44 (0) 20 3470 0470
+44 (0)20 7382 8300 |
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Yellow Jersey (Media Relations) Dominic Barretto | +44 (0) 7768 537 739 |