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Ortac Resources raises £500,000 as horizons expand

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Ortac Resources (LON:OTC) 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.

Ortac Resources, 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."

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