Ortac Resources to boost stake in Zamsort
AIM-listed Ortac Resources has exercised an option to acquire a bigger stake in Zambia-based Zamsort Ltd.
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The exploration and mine development company said it will exercise its option to invest a further $600,000 in Zamsort through a convertible loan note. This brings the total investment up to $1.2m and, upon conversion of the loan notes, Ortac’s potential shareholding would be 19.35%.
Zamsort is a private Zambian registered company that is the 100% owner of the Kalaba Cu-Co Project located approximately 1,000 km from Lusaka, in Mwinilunga, North Western Province.
Ortac’s chief executive officer Vassilios Carellas said: “A significant amount of ground has been covered by Zamsort since our initial investment in March and Zamsort's aim to establish a plant at Kalaba by year end is coming to fruition.
“Zamsort has also put in motion a programme to explore the rest of this highly prospective licence area which continues to extract interest from third parties re-confirming the prospectivity of this licence area.”
At 1256 BST, Ortac shares were down 0.6% at 0.05p.