Ortac Resources raises GBP800m in discounted share placing

AIM-listed exploration and mine development company Ortac Resources has raised £400,000 in a discounted share placing.

The company said it placed 800m new shares at 0.05p each and the funds will be used to further develop its existing portfolio of mineral projects and for working capital purposes.

Exeuctive Chairman Anthony Balme bought 38.9m shares, bringing his total holding up to 282.6m, or a 6.52% stake, while chief executive Vassilios Carellas purchased 5.8m, bringing his stake to 1.25%.

At 1040 BST, Ortac shares were down 18.6% at 0.06p.