Business
Agreement to acquire an interest in Andiamo
Agreement to acquire an interest in Andiamo.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \n Ortac Resources Limited 13 January 2014 \n\nOrtac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration\n \n \n13 January 2014\n \nOrtac Resources Limited ('Ortac' or 'the Company')\nConditional Subscription Agreement to acquire\nup to 27% of Andiamo Exploration Limited\n \nOrtac Resources Limited ('Ortac') is pleased to announce the formation of a strategic alliance with Andiamo Exploration Limited ('Andiamo'), a private UK incorporated mineral exploration company currently developing advanced, exploration stage Volcanogenic Massive Sulphide (VMS), gold-copper projects in Eritrea. Ortac has entered into a subscription agreement to acquire up to 26.7% of the enlarged share capital of Andiamo having conditionally agreed to subscribe for shares, in three equal tranches, totalling US$1.5m ('the subscription'). Completion of the first tranche is expected on or around 17 January 2014. In addition, Ortac has secured the right to acquire an additional 21% shareholding in Andiamo for a further US$2.0m investment, subject to certain terms and conditions set out in the subscription agreement. Further details of the subscription agreement are provided in the Principal Terms of Subscription Agreement, listed below.\n \nHighlights: \n \n· Ortac's initial investment of up to US$1.5m to acquire up to 10,000,000 shares includes a conditional option to acquire a further 10,000,000 shares for US$2.0m for a total interest of up to 42.2% in Andiamo.\n \n· Subscription funds deployed to further advance exploration and technical development:\n \no Commencement of an initial drilling programme in Q1 2014 targeting the recently discovered high grade copper mineralisation at the Yacob Dewar deposit, where recent drilling intersected 63m of mineralisation from surface at an average grade of 2.4% Cu.\n \no Second drilling programme to commence later in Q1 to target the known high-grade oxide gold VMS occurrence at Yacob Dewar, with the aim of expanding the deposit along the known 800m strike, where recent drilling has returned intercepts including 9m @ 22.5g/t Au.\n \no Undertake a review of multiple further targets identified by airborne geophysical surveys along the identified 30km exhalite trend, which is highly prospective for ...