30th Sep 2016 08:35
LONDON (Alliance News) - Ortac Resources Ltd on Friday said it has increased its stake in the prvate firm looking for gold in the Democratic Republic of Congo, Casa Mining Ltd, after taking up its options over shares during a recent placement of shares.
Ortac upped its stake in Casa Mining back in August to 13.1% after purchasing 166,667 shares for 30.0 cents each and that is when it also acquired options over further shares and was given the right to take up any shares that were not taken up in a future subscription offer.
Following that, Ortac now holds a 19.63% stake in the company after purchasing 1.3 million shares. The total cost of the investment nor the individual price paid per share was revealed.
Casa Mining's primary interest in a 71.25% stake in the Misisi gold project where it has spent USD30.0 million in the past six years. The most advanced part of that project is the Akyanga deposit, which has an inferred oxide gold resource of 272,000 ounces of contained metal and an inferred transition gold resource of 927,000 ounces of contained metal.
Ortac shares were down 1.9% to 0.026 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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