JOHANNESBURG (miningweekly.com) – Aim-listed Ortac Resources has raised £1.7-million through a placing to fund further investments into its core African assets.
The mineral exploration company placed 85-million new ordinary shares of no par value at 2p a share.
“I am very pleased that we have recapitalised Ortac and have put the company on a sound financial footing,” said chairperson Nick von Schirnding.
In addition, Ortac announced several management changes.
CEO Vasillios Carellas has stepped down from the board and will assume the role of COO, focusing on the group's promising African exploration assets.
Nonexecutive director Anthony Balme resigned as board member and from the company.
Balme acquired one-million shares, bringing his beneficial interest in the company to 10.78-million shares, equating to 4.61%.
Von Schirnding, who had bought two-million shares at 2p apiece, bringing his stake in the company to 1.11%, will assume the role of executive chairperson.
Brian McMaster, who will continue as an independent nonexecutive director, also acquired two-million shares.