logo-loader
viewArc Minerals Limited

Ortac Resources to acquire Casa Mining

Ortac Resources takes stake in Casa up to 70%, with intention to acquire the rest

Gold and dollars
Ortac is increasingly focusing on its African assets

Ortac Resources Ltd (LON:OTC) is acquiring 33.82% of Casa Mining Ltd and plans to make an offer for the rest of the company. 

The price is just over £1mln, payable in Ortac shares.

READ: Ortac Resources raises £1.7mln in oversubscribed placing, reshuffles top management

Ortac has also agreed to convert the US$2 mln convertible loan note previously issued to the company by Casa at an amended reduced share conversion price of US$0.5586.

Following the acquisition of the new block of shares and the conversion of the loan note, Ortac will hold just over 7.8 mln shares of Casa, representing 70.09% of the issued share capital in Casa.

Casa has gold properties in the Eastern Congo.

WATCH: CASA acquisition a turning point in Ortac Resources' recent history

"The proposed acquisition of Casa is a turning point in the Company's recent history,” said Ortac chairman Nick von Schirnding. 

“We are delivering on our strategy to focus on our portfolio of valuable African exploration assets and Casa is a very exciting and valuable part of our future.  With a new board and a clear strategy in delivering shareholder value we look forward to a new chapter for Ortac and its shareholders. "

 

Quick facts: Arc Minerals Limited

Price: 2.65 GBX

AIM:ARCM
Market: AIM
Market Cap: £19.56 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Things coming together nicely in Greenland, says Bluejay Mining's CEO

Rod McIllree, Bluejay Mining PLC’s (LON:JAY) chief executive, tells Proactive that all three of its projects in Greenland are shaping up nicely with plenty of interest from mining giants. Dundas is the flagship and here a bulk sample of mineral sands has been shipped to a Rio Tinto facility...

12 hours, 33 minutes ago

2 min read