Last checked at 27 Sep 2016 16:37
The following replaces the notification titled 'Placing and Directors' Shareholdings' released today at 07.00 with RNS number 8762K. The details concerning the shareholding and participation in the placing of Anthony Balme, Executive Chairman have been corrected in the paragraph titled 'Directors' Participation' and the director dealing disclosure tables as required by MAR have been updated accordingly. All other information remains unchanged.
27 September 2016
Ortac Resources Ltd
("Ortac" or the "Company")
Replacement - Placing and Directors' Participation
The Board of Ortac, the AIM quoted exploration and mine development company, announces that due to further demand from both new and existing investors, following the placing announced yesterday, Peterhouse Corporate Finance Limited has raised an additional £170,000 for the Company through a placing of 680,000,000 new ordinary shares of no par value in the Company ("Placing Shares") at a price of 0.025 pence per share (the "Placing"), i.e the same price per share as the placing announced yesterday.
Directors' Participation
Vassilios Carellas (CEO), Anthony Balme (Executive Chairman) and Paul Heber (Non-Executive Director) are participating in the Placing and are subscribing for 15,000,000 new ordinary shares, 120,000,000 new ordinary shares and 5,000,000 new ordinary shares respectively at the placing price of 0.025 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* | 382,593,763 | 5.86% | 120,000,000 | 502,593,763 | 6.97% |
Paul Heber | 40,000,000 | 0.61% | 5,000,000 | 45,000,000 | 0.62% |
Vassilios Carellas | 62,000,000 | 0.95% | 15,000,000 | 77,000,000 | 1.07% |
Total | 484,593,763 | 7.42% | 140,000,000 | 624,593,763 | 8.66% |
*Anthony Balme acquired 24,000,000 ordinary shares in his own name, 30,000,000 ordinary shares via AMC Ltd (a company of which he is the major shareholder and a director), 30,000,000 ordinary shares via Carter Capital Ltd (a company of which he is the major shareholder and a director) and 36,000,000 ordinary shares via Carter Capital Pension Fund (of which he is the beneficiary).
Use of Proceeds
In addition to increasing Ortac's holding in Andiamo Exploration Limited, as announced yesterday, today's placing will provide the Company with the necessary funds to evaluate the take-up of its previously announced option to similarly increase its holding in in CASA Mining Limited ("CASA"), a private company registered in Mauritius that holds prospective gold mining and exploration licences in the Democratic Republic of Congo ("DRC").
As announced on 12 August, the Company has the right, for a period ending 12 October 2016, to subscribe for a further 233,333 shares in CASA at US$0.30 per share and to subscribe for any unallocated placing shares from CASA's current placing.
It is the intention of the Board of Ortac to now immediately consider taking up these rights, and the Company expects to notify the market of the outcome of this evaluation shortly.
Admission of Placing Shares
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 3 October 2016. The Placing Shares will rank pari passu with the existing issued ordinary shares of the Company.
Following the Placing there will be 7,212,211,373 ordinary shares in issue. No ordinary shares are held in treasury.
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: | Vassilios Carellas | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Chief Executive Officer | ||||
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: | |||||
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 value VGG6829M1005 | ||||
b) | Nature of the transaction: | Acquisition of new ordinary shares in a placing | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 2016-09-26 18.00hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
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: | Amendment (The number of shares stated in 4.c and d in RNS 8762K dated 27 September 2016 was incorrect and has been corrected to 24,000,000 in 4.c and d below) | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Ortac Resources Limited | ||||
b) | LEI: | |||||
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 value VGG6829M1005 | ||||
b) | Nature of the transaction: | Acquisition of new ordinary shares in a placing | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 2016-09-26 18.00hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | AMC Ltd | ||||
2. | Reason for the notification | |||||
a) | Position/status: | A company of which Anthony Balme, Executive Chairman is the major shareholder and a director. | ||||
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: | |||||
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 value VGG6829M1005 | ||||
b) | Nature of the transaction: | Acquisition of new ordinary shares in a placing | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 2016-09-26 18.00hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Carter Capital Ltd | ||||
2. | Reason for the notification | |||||
a) | Position/status: | A company of which Anthony Balme, Executive Chairman is the major shareholder and a director. | ||||
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: | |||||
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 value VGG6829M1005 | ||||
b) | Nature of the transaction: | Acquisition of new ordinary shares in a placing | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 2016-09-26 18.00hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Carter Capital Pension Fund | ||||
2. | Reason for the notification | |||||
a) | Position/status: | A pension fund of which Anthony Balme, Executive Chairman is the beneficiary. | ||||
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: | |||||
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 value VGG6829M1005 | ||||
b) | Nature of the transaction: | Acquisition of new ordinary shares in a placing | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 2016-09-26 18.00hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Paul Heber | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Non-Executive Director | ||||
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: | |||||
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 value VGG6829M1005 | ||||
b) | Nature of the transaction: | Acquisition of new ordinary shares in a placing | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 2016-09-26 18.00hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
For further information, please contact:
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Ortac Resources Ltd |
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Vassilios Carellas (CEO) | +44 (0) 20 7389 9050 | |||
SP Angel Corporate Finance LLP (Nominated Adviser & Broker)Ewan Leggat / Lindsay Mair | +44 (0) 20 3470 0470 | |||
Joint Brokers
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Beaufort Securities Jon Beliss / 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