http://www.proactiveinvestors.co.uk/companies/news/166470/ortac-raises-200000-increases-stake-in-andiamo
Ortac raises £200,000, increases stake in Andiamo
26 Sep 2016 by Tom Howard
The company raised £200,000 via a share placing, then invested some of the money into Andiamo
It’s been a busy afternoon for Ortac Resources Ltd (LON:OTC) after it told investors it had raised £200,000 and increased its stake in fellow metals explorer, Andiamo Exploration Limited.
The company raised the cash through a placing of 800mln shares at a price of 0.025p per share, slightly below today’s opening price.
Ortac said it will use the funds for “general working capital purposes”.
In the same announcement, the firm also said that it had increased its stake in Andiamo.
Ortac boosted its interest in the company to 26.99% for £50,000 in cash, meaning it now holds 10.6mln shares in the London-based firm.
Andiamo has an exploration licence for the Haykota gold project in Eritrea.
Shares were up 1% to 0.03p.
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http://www.ortacresources.com/rns-detail?id=13455553
RNS Number : 8344K
Ortac Resources Limited
26 September 2016
Ortac Resources Ltd
("Ortac" or the "Company")
Placing and Increase in Andiamo Stake
The Board of Ortac, the AIM quoted exploration and mine development company, announces that Peterhouse Corporate Finance Limited has raised £200,000 for the Company through a placing of 800,000,000 new ordinary shares of no par value in the Company ("Placing Shares") at a price of 0.025 pence per share (the "Placing") the proceeds of which are to be used for general working capital purposes.
The Company also announces that it has agreed to acquire an additional 640,000 shares in Andiamo Exploration Limited ("Andiamo") for a total consideration of £50,000 in cash. Following this acquisition, Ortac will hold 10,640,000 shares in Andiamo, increasing the Company's stake in the company to 26.99%.
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 30 September 2016. The Placing Shares will rank pari passu with the existing issued ordinary shares of the Company.
Following the Placing there will be 6,532,211,373 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.
-ENDS-
Received on Mon Sep 26 2016 - 10:31:04 EDT