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Float values Obtala at £35.5m

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Date: Thursday 24 Apr 2008

LONDON (ShareCast) - Obtala, the holding company of a mineral exploration and development group, raised £3.5m on AIM this morning when it placed 17.5m shares at an issue price of 20p.

The group, which has an initial focus on gold, nickel, copper, iron ore and uranium opportunities in Tanzania, now has a market capitalisation of £35.5m.

“The group's objective is to commence the exploration of its portfolio of mineral assets and ultimately to increase the value of its mineral assets through the development of resources estimates and, where appropriate, commence production of the economically feasible mineral assets,” the group said.

Zimmerman Adams International is acting as the nominated adviser and broker for the company.