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.