Proactive Investors - Run By Investors For Investors

Ortac Resources takes controlling stake in Casa Mining, launches offer for whole company

“The acquisition represents a major step forward in the delivery of the company's revamped strategy," Ortac said
deal, businessmen handshake
The offer will remain open for a six month period.

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.”

View full ARCM profile View Profile

Arc Minerals Limited Timeline

Related Articles

Picture of drill rig
May 03 2018
The Strickland project covers over 100 strike kilometres of greenstone belts and straddles the Evanston and Yuinmery Shear Zones.
Community meeting at Lindi Jumbo project
November 30 2018
The company’s highest priority is securing funding for the world-class Lindi Jumbo large and jumbo flake graphite project.
Gold mine
November 19 2018
Gold had been intersected in all but one hole over a 12 hole drilling programme, with highlights including 25.9 g/t of Gold at 1-metre depth and 10.04 g/t of Gold at 3m depth

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use