Premier African Minerals Ltd (LON:PREM) has accepted the general offer made by Arc Minerals Ltd (LON:ARCM) to all shareholders of CASA Mining Limited. Premier has thereby converted its entire interest in Casa into new Arc Minerals shares.
The offer dates back to November 2017, when Arc Minerals (formerly known as Ortac Resources) offered 14.85 shares in Arc Minerals for each Casa share.
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Premier owns 412,500 CASA shares, or approximately 4.5% of Casa's issued share capital, and will receive as consideration, 6,128,822 new Arc Minerals shares, representing approximately 1.9% of the enlarged issued share capital of Arc Minerals.
At the last closing of Arc Minerals' mid-market price of 2.45p, the consideration shares would be valued at approximately £150,000, the company said in a statement on Tuesday.
CASA Mining has a 71.25% interest in the 1.5-million-ounce inferred Resource Akyanga gold deposit in the Democratic Republic of Congo.