Paternoster Resources PLC Investment in Ortac Resources Limited (9870K)
28 September 2016 - 12:38AM
UK Regulatory
TIDMPRS
RNS Number : 9870K
Paternoster Resources PLC
27 September 2016
Paternoster Resources plc
("Paternoster" or the "Company")
Investment in Ortac Resources Limited ("Ortac")
Paternoster is pleased to announce that it has subscribed for
new ordinary shares in Ortac Resources Limited at a price of 0.025
pence per share as part of the company's recent placings.
Paternoster has invested GBP210,000 in cash, following which the
Company will hold 840,000,000 shares in Ortac, representing 11.7 %
of the company. At the same time, Paternoster has sold to Ortac its
entire existing shareholding of 640,000 shares in Andiamo
Exploration Limited ("Andiamo") for GBP50,000 in cash.
Ortac is listed on AIM and is an exploration and development
company focused on natural resources projects. It has four
principal assets:
- Sturec, which comprises a 1.32 million ounce gold project in Slovakia.
- a 27% shareholding in Andiamo (including the purchase of
Paternoster's shareholding), a private company with high-grade
gold-copper exploration projects in Eritrea.
- an investment of $US 1.2 million in Zamsort Limited via
convertible loan notes which, if converted, would provide the
company with a 19.35% stake in Zamsort
- a 13% holding in CASA Mining Limited ("CASA"), a private
company with gold assets in the Democratic Republic of Congo. CASA
has an initial inferred resource of 1.2 million oz @1.7 g/t Au at
its Akyanga deposit. A recent scoping study demonstrates the
potential viability to produce a 100,000 oz gold per year.
Nicholas Lee, Chairman, said:
"We believe that Ortac has an interesting and attractively
valued portfolio of assets with potential and so we are pleased to
be taking a strategic position in the company. This transaction
also enables us to convert our unlisted Andiamo investment into a
listed investment and for this holding to be consolidated with
Ortac's much more significant position."
For more information please contact:
Paternoster Resources plc:
Nicholas Lee, Chairman +44 20 7580 7576
Nominated Advisor and Joint Broker:
Stockdale Securities
Antonio Bossi/David Coaten +44 20 7601 6100
Joint Broker:
Peterhouse Corporate Finance
Lucy Williams +44 20 7562 3351
This information is provided by RNS
The company news service from the London Stock Exchange
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