Business
Placing of Equity and Directorate Change
Placing of Equity and Directorate Change.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \n Ortac Resources Limited 30 October 2017 \n\nOrtac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration\n \n30 October 2017\nORTAC RESOURCES LTD \n(\"ORTAC\" or the \"COMPANY\")\n \nPlacing of Equity and Directorate Change\nSuccessfully raised £1.7 million for further investment in core African assets\n \nOrtac Resources Ltd, the AIM listed mineral exploration company operating in Europe and Africa today announces that it has raised £1.7 million before expenses from a placing of 85 million new ordinary shares of no par value of Ortac (\"Ordinary Shares\") at 2 pence per share (\"Placing\") to fund further investments in Ortac's core African assets.\n\nThe Placing, which was oversubscribed, was supported by both new and existing investors and a number of the Company's Directors, who also participated in the Placing. Further details are set out below.\n \nThe Company announces 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 today step down from the Board of Ortac and will take up the role of Chief Operating Officer focusing on the Group's promising African exploration assets. Anthony Balme, a Non-Executive Director of the Company, has advised the Board of his decision to resign as a Board Director and from the Company, effective today.\n\nNick von Schirnding will assume the role of Executive Chairman with Brian McMaster continuing as an independent Non-Executive Director. It is envisaged that a new independent Non-Executive Director will be appointed shortly.\n \nMr Nick von Schirnding, Executive Chairman of Ortac, purchased 2,000,000 Ordinary Shares at a price of 2p per share. Following this transaction, Nick von Schirnding will have a beneficial interest in 2,593,333 Ordinary Shares, representing approximately 1.11 per cent. of the enlarged ordinary share capital of the Company.\n \nMr Brian McMaster, Non-Executive Director of Ortac, purchased 2,000,000 Ordinary Shares at a price of 2p per share. Following this transaction, Brian McMaster will have a beneficial interest in 2,000,000 Ordinary Shares, representing approximately 0.86 per cent. of the enlarged ordinary share capital of the Company.\n \nMr Anthony...