Press releases

Placing and issue of equity

The board is pleased to announce that Obtala has completed a placing of 5,722,223 new ordinary shares at 18p raising a gross amount of £1,030,000.14. 

Frank Scolaro, Chairman commented:

'These funds will be utilised to further enhance the value of our assets in East Africa and build shareholder value for the future'.

Accordingly, application has been made for the 5,722,223 new ordinary shares to be admitted to trading on AIM and it is expected that admission will take place on 7 July 2009. The new ordinary shares will rank pari passu with existing shares of the Company.

The total issued share capital of the Company will increase to 192,672,223 ordinary shares following the placing.

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