Kopane Diamonds Developments

RNS Number : 0266Z

Obtala Resources PLC

14 September 2009

 



14 September 2009

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

Statement on Kopane Diamonds Developments Shareholding

The Board of Obtala Resources, the AIM quoted mineral exploration and development company, 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 8,000,000 shares in Kopane (realising £1,405,590) and continues to remain the largest shareholder of Kopane with an interest in 56,535,000 ordinary shares representing 25.74% of the total shares in issue. The interest in ordinary shares are held as follows:

Obtala now holds 32,200,000 shares representing 14.66% of the issued share capital of Kopane indirectly through a financial instrument held by Spreadex Limited. Obtala continues to hold 24,335,000 shares directly (representing 11.08%) and therefore remains interested (both directly and indirectly) in an aggregate holding of 56,535,000 shares representing 25.74% of the issued share capital in Kopane.

The decision for the disposal of a small proportion of the holding was to allow Obtala with to realise funds to undertake further exploration on the Rulenge nickel and drilling on the Buckreef gold projects. Also, the funds will be used to develop the new subsidiary; Montara Continental Ltd. Obtala is now fully funded to carry out this work and is not seeking to reduce its holding any further during the course of this year. 

Frank Scolaro, Chairman of Obtala, commented that 'the decision by the Board to realise funds from the sale of Kopane shares allows Obtala to significantly advance its own projects without the requirement to undertake further equity capital raises that would dilute our existing shareholders. Obtala remains a committed strategic investor in Kopane and supports the development of Kopane's key asset being the Liqhobong Diamond Project, which is a world class deposit and will ultimately deliver value to our shareholders.'

Contact:

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

 

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