Last checked at 21 Oct 2015 07:00
21 October 2015
Ortac Resources Ltd
("Ortac" or the "Company")
PLACING & ISSUE OF EQUITY
£400,000 raised from new and existing investors
Ortac Resources Ltd, the AIM listed exploration and mine development company, is pleased to announce that it has raised £400,000 from a placing of 800,000,000 new ordinary shares of the Company at a price of 0.05 pence per share ("Placing Shares"). The funds raised will be used by the Company to further develop its existing 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 existing Ordinary Shares subscribed for in the Placing |
Number of Ordinary Shares following the Placing |
Percentage of issued share capital following the placing |
Anthony Balme | 243,732,000 | 6.90 % | 38,861,763 | 282,593,763 | 6.52 % |
David Paxton | 34,022,220 | 0.96 % |
| 34,022,220 | 0.79 % |
Paul Heber | 18,235,294 | 0.52 % | 5,373,531 | 24,000,000 | 0.55 % |
Vassilios Carellas | 48,626,469 | 1.38 % | 5,764,706 | 54,000,000 | 1.25 % |
Vassilios Carellas, CEO of Ortac commented:
"It is pleasing to note this further endorsement of confidence in our projects. We are glad to see Zamsort moving forward towards production with the commencement of the procurement process for the construction of the process plant at the copper-cobalt Kalaba Deposit in Zambia."
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 26 October 2015. 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 4,332,211,373 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 4,332,211,373 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) Zoe Alexander / Elliot Hance | +44 (0) 20 3470 0470
+44 (0)20 7382 8300 |
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Yellow Jersey (Media Relations) Dominic Barretto / Aidan Stanley | +44 (0) 7584 085 670 |