Announcement by Ortac re. Andiamo

RNS Number : 5386X

Paternoster Resources PLC

13 January 2014

 



13 January 2014

Paternoster Resources plc

("Paternoster" or the "Company")

Announcement by Ortac re. Andiamo

Paternoster is pleased to note the announcement earlier today in relation to one of its investments, Andiamo Exploration Limited ("Andiamo"), a company that is currently developing gold-copper projects in Eritrea. 

Ortac Resources Limited ("Ortac"), a company listed on AIM, announced earlier today that it had entered into a subscription agreement to acquire up to 26.7% of the enlarged share capital of Andiamo for US$1.5 million. This will provide Andiamo with the necessary funding to carry out additional drilling, review additional targets that have been identified and support Andiamo's application for a full mining licence.

In addition, Ortac has secured the right to invest an additional US$2.0 million in Andiamo as appropriate.

For more information please contact:

Paternoster Resources plc:
Nicholas Lee, Chairman	[phone]

Nominated Advisor and Joint Broker:
Westhouse Securities
Antonio Bossi / David Coaten	[phone]

Joint Broker:
Peterhouse Capital Limited
Jon Levinson	[phone]

 

END

 

 

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