21st Oct 2015 09:18
LONDON (Alliance News) - Ortac Resources Ltd shares dropped on Wednesday after it said it has raised GBP400,000 after conducting a large discounted placing.
The company placed 800.0 million new shares at 0.05 pence per share to raise proceeds to allow the company to further develop its existing portfolio of mineral projects and for working capital purposes.
Ortac shares were down 19% to 0.057 pence per share from its opening price of 0.070p.
Through that placing, Executive Chairman Anthony Balme purchased 38.9 million shares to up its total holding to 282.6 million shares, representing a 6.5% stake in the company. Chief Executive Vassilios Carellas bought 5.8 million shares to hold a total of 54.0 million shares or a 1.25% stake.
Non-Executive David Heber purchased 5.4 million shares and now holds 24.0 million shares, or a 0.55% stake. Non-Executive David Paxton was the only member not to purchase any shares and his total holding remains at 34.0 million shares, representing a 0.79% stake.
The company had 3.53 billion shares already in issue prior to the placing, and now has a total of 4.33 billion shares in issue.
By Joshua Warner; [email protected]; @JoshAlliance
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