25th Aug 2015 07:53
LONDON (Alliance News) - Ortac Resources Ltd on Tuesday said it has exercised an option to acquire a further stake in Zambia-based Zamsort Ltd.
Ortac said it will exercise its option to invest a further USD600,000 in Zamsort via a convertible loan note, bringing its total investment to USD1.2 million. If converted, it would give Ortac a 19.35% stake in Zamsort.
Zamsort holds a prospective gold-copper mining and exploration licence in the Zambian Copper Belt region.
"A significant amount of ground has been covered by Zamsort since our initial investment in March and Zamsort's aim to establish a plant at Kalaba by year end is coming to fruition. Zamsort has also put in motion a programme to explore the rest of this highly prospective licence area which continues to extract interest from third parties re-confirming the prospectivity of this licence area," said Ortac Chief Executive Vassilios Carellas.
Shares in Ortac were down 0.6% to 0.547 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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