https://www.engineeringnews.co.za

Ortac raises £1.7m for core African assets

30th October 2017

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed Ortac Resources has raised £1.7-million through a placing to fund further investments into its core African assets.

The mineral exploration company placed 85-million new ordinary shares of no par value at 2p a share.

“I am very pleased that we have recapitalised Ortac and have put the company on a sound financial footing,” said chairperson Nick von Schirnding.

In addition, Ortac announced several management changes.

CEO Vasillios Carellas has stepped down from the board and will assume the role of COO, focusing on the group's promising African exploration assets.

Nonexecutive director Anthony Balme resigned as board member and from the company.

Balme acquired one-million shares, bringing his beneficial interest in the company to 10.78-million shares, equating to 4.61%.

Von Schirnding, who had bought two-million shares at 2p apiece, bringing his stake in the company to 1.11%, will assume the role of executive chairperson.

Brian McMaster, who will continue as an independent nonexecutive director, also acquired two-million shares.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.052 0.789s - 140pq - 2rq
Subscribe Now