Ortac Resources announces more investment for Zamsort

AIM-listed exploration and mine development company Ortac Resources said Zamsort, in which it has acquired secured convertible loan notes, has raised a further $2m (£1.3m) from Kopara Investments.

Ortac said the investment into Zamsort takes Kopara’s interest in the share capital to 20% and extends the right for Kopara to appoint a director to the board to represent its interest.

Zamsort is a private Zambian registered company that owns the Kalaba copper-cobalt project in Mwinilunga, North Western Province.

Chief executive officer Vassilios Carellas said: “Kopara's investment is an endorsement of the quality and potential of Zamsort's licenses and stands in stark contrast to the prevailing market.

“It provides further support for Ortac's $1.2m investment into Zamsort loan notes, which if converted will provide Ortac with a 19.35% interest in the share capital of that company.”

Over the last six months, Zamsort has raised $3.2m to develop its licenses located in the copper belt.

At 1030 BST, Ortac shares were up 37.8% at 0.0620p.