18th Mar 2014 12:27
LONDON (Alliance News) - Ortac Resources Ltd Tuesday said it has completed payment of the second tranche of its conditional subscription agreement with Andiamo Exploration Ltd.
The natural resource development company said that, as a result of the further USD500,000 investment, its stake in Andiamo now stands at 18.85%.
Ortac said its total investment in Andiamo is now USD1 million and noted that the drill programme at Andiamo's copper-gold project in Eritrea is now well underway.
In January, Ortac announced plans to acquire 26.7% of Andiamo through three equal tranche payments for a total of USD1.5 million.
Ortac shares were down 3.8% to 0.241 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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