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26 Oct 2016 07:00
26 October 2016
Ortac Resources Ltd
("Ortac" or the "Company")
Placing and Director's Dealing
The Board of Ortac, the AIM quoted exploration and mine development company, announces that Beaufort Securities Limited has raised £300,000 before expenses through a placing of 750,000,000 new ordinary shares of no par value in the Company ("Placing Shares") at a price of 0.04 pence per share (the "Placing").
Directors' Participation
Mr Anthony Balme (Executive Chairman) is participating in the Placing and is subscribing for 75,000,000 Placing Shares at the placing price of 0.04 pence per share. The Directors' 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* | 753,890,249 | 10.10 | 75,000,000 | 828,890,249 | 10.09% |
*Anthony Balme acquired 50,000,000 ordinary shares via Lymington Underwriting (a company of which he is the major shareholder and a director), 12,500,000 ordinary shares via AMC Ltd (a company of which he is the major shareholder and a director), and 12,500,000 ordinary shares via Carter Capital Pension Fund (of which he is the beneficiary).
Use of Proceeds
Today's placing will provide the Company with the necessary funds to put itself in a position to continue funding its investments and cover any working capital requirements.
Admission of Placing Shares
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 9 November 2016. The Placing Shares will rank pari passu with the existing issued ordinary shares of the Company.
Following the Placing there will be 8,213,507,859 ordinary shares in issue. No ordinary shares are held in treasury.
Warrants
Participants in the Placing have also been issued with warrants ("Warrants") on the basis of one Warrant for every two Placing Shares subscribed for in the Placing. The Warrants have an exercise price of 0.055 pence and an expiry period of two years from the date of issue. In addition, Beaufort Securities Limited has today been issued 33,750,000 warrants exercisable at 0.04 pence and with an expiry period of 5 years from the date of issue.
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: | Issue 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: | 2016-10-25 17.00hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
4. | 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: | Issue 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: | 2016-10-25 17.00hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
4. | 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: | Issue 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: | 2016-10-25 17.00hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
-ENDS-
For further information, please contact:
| ||||
Ortac Resources Ltd |
| |||
Vassilios Carellas (CEO) | +44 (0) 20 7389 9050 | |||
SP Angel (Nominated Adviser & Broker)Ewan Leggat/Lindsay Mair | +44 (0) 20 3470 0470 | |||
Joint Brokers
|
| |||
Beaufort Securities Jon Belliss / Elliot Hance
| +44 (0)20 7382 8300 | |||
Peterhouse Corporate Finance Limited Guy Miller Lucy Williams | +44 (0) 20 7469 0930 www.pcorpfin.com | |||
For additional information please visit - www.ortacresources.com
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