13 Jan 2014 16:13
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 |
Riverfort (RGO)