() has raised £500,000 through a placing to fund development of its gold projects in Slovakia and Eritrea.
The placing, at 0.25p, follows last week’s announcement it had struck a deal with Andiamo Exploration to acquire up to 26.75% of the firm for US$1.5mln.
Andiamo holds the 252 sq km Haykota exploration licence in Eritrea, 50 km south-west of the producing Bisha Mine.
, chief executive, Vassilios Carellas said: "Ortac is pleased that it has a new institutional shareholder and simultaneously further bolster the company's cash position so that it now has over £3mln in treasury."
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...
In exchange for publishing services rendered by the Company on behalf of Arc Minerals Limited named herein, including the promotion by the Company of Arc Minerals Limited in any Content on the Site, the Company...
FOR OUR FULL DISCLAIMER CLICK HERE