4th Jun 2015 08:09
LONDON (Alliance News) - Ortac Resources Ltd on Thursday said its Chief Executive Vassilios Carellas has joined the board of Zamsort Ltd in Zambia as part of the convertible loan note agreement between the companies.
Carellas' role as a director of Zamsort will include an executive role in the management both of Zamsort and of the Kalaba copper project.
Ortac signed a deal with Zamsort in March to invest USD600,000 via a subscription agreement to take a 10.7% stake in Zamsort in order to secure an interest in the Kalaba project.
"Having returned from a trip to the project in Zambia, I am delighted to be officially appointed to the board of Zamsort, and look forward to being involved with the operations of the company and the development of this highly prospective project," Carellas said.
Ortac shares were unchanged at 0.105 pence early Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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