Ortac Resources Ltd (LON:OTC) has further increased its stake in Casa Mining and now holds 21.25% of the group, which holds highly prospective ground in the Democratic Republic of Congo (DRC).
As reported last week, Ortac subscribed for further shares in the private company to maintain its stake after peer Premier African Minerals Limited's (LON:PREM) bought a 4.5% interest in CASA.
On October 21, Ortac has bought a further 124,722 shares - around 62,000 from AMC Ltd and around the same number from Carter Capital Ltd - both of which are controlled by Ortac's executive chairman Anthony Balme.
Ortac will issue over 251 shares to Balme for around £81,000 and he will now have an interest of around 753.9mln Ortac shares - or 10.10% of the capital.
Ortac chief executive Vassilios Carellas said: "This purchase of Casa Mining shares takes Ortac's shareholding to 21.25%, which not only materially increases Ortac's interest in CASA, but also aligns Mr Balme’s interests in CASA to those of the Ortac shareholders."