Ortac Resources Ltd (LON:OTC) confirmed that it has completed its acquisition of a 33.82% shareholding in Casa Mining Ltd and converted a loan into equity, taking its stake in Casa to 70%.
The AIM quoted mining firm now has a public offer to acquire the balance of Casa Mining’s equity from minority shareholders, on the same terms as it acquired the 33.8% stake.
WATCH: Casa acquisition a turning point in Ortac Resources' recent history
The offer will remain open for a six month period.
“The acquisition represents a major step forward in the delivery of the company's revamped strategy, announced on 11 September 2017, to focus on its high potential African exploration mining assets,” Ortac said in a statement.
READ: Ortac Resources to acquire Casa Mining
“The board believes the acquisition of CASA presents a valuable near term opportunity for Ortac and its shareholders with recent drilling results indicating a potential gold resource in excess of 2 million ounces.”