Dehai News

Proactive Investor UK: Ortac welcomes welcomes private equity interest in Eritean partner

Posted by: Semere Asmelash

Date: Tuesday, 21 February 2017

http://www.proactiveinvestors.co.uk/companies/news/173442/ortac-welcomes-welcomes-private-equity-interest-in-eritean-partner-173442.html 

Ortac welcomes welcomes private equity interest in Eritean partner 

21 Feb 2017 

Andiamo raised US$0.5mln in consideration for the termination of its joint venture arrangement with EEAL 

Ortac Resources PLC's (LON:OTC) stake in Eritrean exploration partner Andiamo has been reduced by a funding backed by a venture capital group. 

Andiamo raised US$0.5mln in consideration for the termination of its joint venture arrangement with Environminerlas East Africa Limited. 

Emerald Ex subscribed for 5mln new shares in Andiamo at US$10c per share, which reduces Ortac’s stake in Andiamo to 18.48%. 

Vassilios Carellas, Ortac's chief executive, said: "We welcome this development which enables Andiamo to continue exploration to the South of the very successful Bisha mine and brings a strong private equity group on to the share register.” 

Emerald is a subsidiary of NurtureEx, which is funded by African Mineral Exploration and Development (AMED),  a private equity group that invests in mineral exploration and development projects predominately in sub-Saharan Africa. 

NurtureEx has been involved in Andiamo since early 2014 as an investor in EEAL. 

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