The CEO of Ortac Resources (LON:OTC), Vassili Carellas, tells Proactive Investors that, despite challenging conditions in the market,their placing of £600,000 was oversubscribed. And he believes that the recent difficult market conditions have, paradoxically, created unprecedented opportunities for small companies like Ortac.
The placing now means that Ortac can take up its call options to increase its stake in the Zambian E&P company, Zamsort. Carellas believes that this licence has huge potential.Mining permits have already been granted and limited production of copper is already taking place. The next stage is to finalise some more technical studies.