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Announcement by Ortac re. Andiamo

13 Jan 2014 16:13

RNS Number : 5386X
Paternoster Resources PLC
13 January 2014
 



13 January 2014

 

Paternoster Resources plc

("Paternoster" or the "Company")

 

Announcement by Ortac re. Andiamo

Paternoster is pleased to note the announcement earlier today in relation to one of its investments, Andiamo Exploration Limited ("Andiamo"), a company that is currently developing gold-copper projects in Eritrea.

Ortac Resources Limited ("Ortac"), a company listed on AIM, announced earlier today that it had entered into a subscription agreement to acquire up to 26.7% of the enlarged share capital of Andiamo for US$1.5 million. This will provide Andiamo with the necessary funding to carry out additional drilling, review additional targets that have been identified and support Andiamo's application for a full mining licence.

In addition, Ortac has secured the right to invest an additional US$2.0 million in Andiamo as appropriate.

For more information please contact:

 

Paternoster Resources plc:

Nicholas Lee, Chairman

+44 20 7580 7576

 

Nominated Advisor and Joint Broker:

Westhouse Securities

Antonio Bossi / David Coaten

+44 20 7601 6100

 

Joint Broker:

Peterhouse Capital Limited

Jon Levinson

+44 20 7562 3351

 

 

 

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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