Ortac Resources Ltd (LON:OTC) has raised £1.7mln before expenses from a placing of 85mln new ordinary shares at 2p per share to fund further investments in its core African assets, and has reshuffled its management, with its CEO stepping down and an executive chairman appointed.
The AIM-listed mineral exploration company operating in Europe and Africa said the placing, which was oversubscribed, was supported by both new and existing investors and a number of the company's directors, who also participated.
At the same time, Ortac announced 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 step down from the Ortac’s board with immediate effect and will take up the role of chief operating officer focusing on the group's promising African exploration assets.
Nick von Schirnding will assume the role of executive chairman with Brian McMaster continuing as an independent non-executive director. It said it is envisaged that a new independent non-executive director will be appointed shortly.
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Under the placing, von Schirnding, purchased 2,000,000 ordinary shares taking his holding to approximately 1.11% of the enlarged ordinary share capital of the company. McMaster also purchased 2,000,000 shares representing approximately 0.86% of the enlarged share capital.
Ortac’s new executive chairman commented: "I am very pleased that we have recapitalised Ortac and have put the Company on a sound financial footing.”