RNS

RNS Number : 9088U
Ortac Resources Limited
30 October 2017
 

Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration

 

30 October 2017

ORTAC RESOURCES LTD 

("ORTAC" or the "COMPANY")

 

Placing of Equity and Directorate Change

Successfully raised £1.7 million for further investment in core African assets

 

Ortac Resources Ltd, the AIM listed mineral exploration company operating in Europe and Africa today announces that it has raised £1.7 million before expenses from a placing of 85 million new ordinary shares of no par value of Ortac ("Ordinary Shares") at 2 pence per share ("Placing") to fund further investments in Ortac's core African assets.


The Placing, which was oversubscribed, was supported by both new and existing investors and a number of the Company's Directors, who also participated in the Placing. Further details are set out below.

 

The Company announces further board and management changes in line with the revamped corporate strategy announced on the 11 September 2017 to focus on its African asset base. Vasillios Carellas, the Company's CEO, will today step down from the Board of Ortac and will take up the role of Chief Operating Officer focusing on the Group's promising African exploration assets. Anthony Balme, a Non-Executive Director of the Company, has advised the Board of his decision to resign as a Board Director and from the Company, effective today.


Nick von Schirnding will assume the role of Executive Chairman with Brian McMaster continuing as an independent Non-Executive Director. It is envisaged that a new independent Non-Executive Director will be appointed shortly.

 

Mr Nick von Schirnding, Executive Chairman of Ortac, purchased 2,000,000 Ordinary Shares at a price of 2p per share. Following this transaction, Nick von Schirnding will have a beneficial interest in 2,593,333 Ordinary Shares, representing approximately 1.11 per cent. of the enlarged ordinary share capital of the Company.

 

Mr Brian McMaster, Non-Executive Director of Ortac, purchased 2,000,000 Ordinary Shares at a price of 2p per share. Following this transaction, Brian McMaster will have a beneficial interest in 2,000,000 Ordinary Shares, representing approximately 0.86 per cent. of the enlarged ordinary share capital of the Company.

 

Mr Anthony Balme purchased 1,000,000 Ordinary Shares at a price of 2p per share. Following this transaction, Anthony Balme will have a beneficial interest in 10,788,902 Ordinary Shares, representing approximately 4.61 per cent. of the enlarged ordinary share capital of the Company.

 

Application has been made for the New Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange ('Admission'). Admission is expected to occur on or around 2 November 2017.


Nick von Schirnding, Chairman of Ortac commented
:

 

"I am very pleased that we have recapitalised Ortac and have put the Company on a sound financial footing.

 
"On behalf of the Board I would like to thank Anthony for his service to Ortac over many years, in particular shepherding the business through a difficult period for the mining sector.  I would also like to thank Vasilli for his service to the Company as CEO and look forward to focusing on and driving value from our core African asset base."

 

Total voting rights

Following the issue of the New Ordinary Shares, the total issued share capital of the Company consists of 233,801,654 Ordinary Shares of no par value with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 233,801,654 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

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 director's share dealing.

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:

Nick von Schirnding

2.     

Reason for the notification

a)

Position/status:

Executive Chairman

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:

213800XHFJVCC9GP2G75

4a.     

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    

VGG6829M1187

b)

Nature of the transaction:

Purchase of shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

2.00 pence

 2,000,000

 

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

2.00 pence

2,000,000

 

 

e)

Date of the transaction:

2017-10-27

 

f)

Place of the transaction:

Off-market

 

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name:

Brian McMaster

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:

213800XHFJVCC9GP2G75

4a.     

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    

VGG6829M1187

b)

Nature of the transaction:

Purchase of shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

2.00 pence

 2,000,000

 

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

2.00 pence

2,000,000

 

 

e)

Date of the transaction:

2017-10-27

 

f)

Place of the transaction:

Off-market

 

 

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name:

Anthony Balme

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:

213800XHFJVCC9GP2G75

4a.     

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    

VGG6829M1187

b)

Nature of the transaction:

Purchase of shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

2.00 pence

 1,000,000

 

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

2.00 pence

1,000,000

 

 

e)

Date of the transaction:

2017-10-27

 

f)

Place of the transaction:

Off-market

 

 

 

**ENDS**

 

Contacts

 

Ortac Resources Ltd

Nick von Schirnding

 

+44 (0) 20 3874 8664

SP Angel (Nominated Adviser & Broker)

Ewan Leggat / Lindsay Mair / Soltan Tagiev

 

Celicourt Communications (PR)

Mark Antelme / Jimmy Lea

+44 (0) 20 3470 0470

 

 

+44 (0) 20 7520 9261

 

 

 

 

Forward-looking Statements

 

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

 

About Ortac

 

Ortac Resources Limited is an AIM listed exploration and mine development company focused on a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of Congo and Zambia. 

 

Ortac's current holdings include:

·     A convertible loan note in CASA Mining Ltd, which including Ortac's existing stake of 22.2%, takes Ortac shareholding to 45% upon conversion;

·     A 14 percent equity interest in Zamsort Limited, a private company focused on a prospective copper and cobalt licence in Zambia, with the c. 6 percent balance and interest (convertible note) being rolled forward to the end of 2018;

·     100% ownership of the Kremnica Mining Licence Area in Slovakia;

·     An 18.48% interest in Andiamo Exploration Limited, a private company exploring for resources in Eritrea.

 

For more information visit www.ortacresources.com

 


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