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Ortac Resources Ltd raises £350,000 with share placing

"It is pleasing to note the continued confidence in our projects,” said chief executive Vassilios Carellas.
Ortac Resources Ltd raises £350,000 with share placing
The new shares are priced at 0.025p each.

Ortac Resources Ltd (LON:OTC) has raised £350,000 through the issue of new shares in a placing.

The new shares, 1.4bn have been issue, are priced at 0.025p each.

Cash raised in the placing will be used for working capital purposes and to support the group’s expanding portfolio of mineral projects, Ortac said.

It comes as Ortac has moved into Africa, via its joint venture with Zamsort in Zambia and other newly added interests.

Directors including chief executive Vassilios Carellas participated in the placing, taking a total of 200mln new shares.

"It is pleasing to note the continued confidence in our projects, which stands alongside the demonstration of the directors our own commitment to the company,” Carellas said in a statement.

“Shareholders will be pleased to hear that Zamsort continues to move forward towards production and I shall be following up our investment in Casa Mining with a site visit over the next couple of weeks and look forward to reporting more news on my return."

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