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Ortac raises £200,000, increases stake in Andiamo

The company raised £200,000 via a share placing, then invested some of the money into Andiamo

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Ortac acquired another 640,000 shares in Andiamo for £50,000

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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