Last checked at 20 Jan 2014 10:01
20 January 2014
Ortac Resources Ltd
('Ortac' or the 'Company')
Placing & Issue of Equity
Ortac Resources Ltd (AIM: OTC), the AIM listed exploration and development company focussed on natural resource based projects, announces that it has raised gross proceeds of £500,000 via a placing of new ordinary shares (the 'Placing'). The Placing is comprised of 200,000,000 new ordinary shares at a price of 0.25 pence per ordinary share (the 'Placing Shares'). The funds raised will be used by the Company to strengthen the Company's cash position and enable it to advance it projects in Slovakia and Eritrea.
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 24 January 2014. Following this issue of equity, the issued share capital of the Company will be 2,515,679,020. 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 it has 2,515,679,020 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 2,515,679,020 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.
Ortac Resources CEO Vassilios Carellas said, "Ortac is pleased that it has a new institutional shareholder and simultaneously further bolster the Company's cash position so that it now has over £3 million in treasury".
**ENDS**
For further information please visit www.ortacresources.com or contact:
Vassilios Carellas Ortac Resources Ltd Tel: +44 (0) 20 7389 9050
Charles Wood Ortac Resources Ltd Tel: +44 (0) 20 7389 9050
Stewart Dickson Cantor Fitzgerald Europe Tel: +44 (0) 20 7894 7000
Catherine Leftley Cantor Fitzgerald Europe Tel: +44 (0) 20 7894 7000
Jeremy Stephenson Cantor Fitzgerald Europe Tel: +44 (0) 20 7894 7000
Jonathan Williams RFC Ambrian Limited Tel: +44 (0) 20 3440 6800
Jen Boorer RFC Ambrian Limited Tel: +44 (0) 20 3440 6800