Kopane Diamonds Development H

RNS Number : 1224F

Obtala Resources PLC

06 January 2010

 



6 January 2010

OBTALA RESOURCES PLC ("Obtala" or the "Company")

Statement on Kopane Diamonds Developments Shareholding

The Board of Obtala Resources (AIM:OBT), which invests in and develops mineral assets in Africa, is pleased to provide the market with an update on recent corporate activities with respect to Kopane Diamond Developments ("Kopane"). 

Obtala has notified Kopane (AIM:KDD) of a change in the current shareholding held by Obtala. Obtala has recently disposed of 6,940,000 shares in Kopane (realising £928,400) and still remains the largest shareholder  and fully supportive of Kopane with 45,595,000 shares representing 19.74% of the total shares in issue. 

The decision for this disposal was made by Obtala to provide additional funding to advance its corporate development plan through making strategic investments and potential acquisitions.

Frank Scolaro, Chairman of Obtala, commented that "the decision by the Board to raise funds from sale of  Kopane shares allows Obtala to continue with its corporate growth plan, significantly without the need of raising additional funds from the market and means no further dilution to our shareholders. Obtala remains committed to the advancement and financial support of Kopane's Liqhobong Diamond Project, which is a world class deposit and will be value enhancing to our shareholders."

Contact:

Simon Rollason - Managing Director Frank Scolaro - Chairman www.obtalaresources.co.uk	[phone]
Obtala Resources plc
ZAI Corporate Finance Ltd
Ray Zimmerman/Dugald Carlean/Jonathan Evans	[phone]

 

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