24th Oct 2016 09:27
LONDON (Alliance News) - Ortac Resources Ltd on Monday said last week it increased its stake in Casa Mining Ltd, buying shares from companies controlled by its executive chairman.
Exploration and mine development company Ortac said it purchased 124,722 shares in Casa Mining on Friday, 62,788 of which were purchased from AMC Ltd and 61,934 from Carter Capital Ltd. Both companies are controlled by Ortac's Executive Chairman Anthony Balme.
Ortac will satisfy the consideration due for the new Casa Mining shares by issuing 251.3 million Ortac shares to Balme at 0.0325 pence per share, for a total consideration of around GBP81,671.
Shares in Ortax were down 5.2% at 0.0308p on Monday morning.
Following the issue of shares, Balme will hold 753.9 million Ortac shares, or a 10.1% stake.
The new shares are expected to be admitted to trading on AIM on Thursday, and will result in Ortac's issued share capital increasing to 7.46 billion shares.
"This purchase of Casa Mining shares takes Ortac's shareholding to 21.25%, which not only materially increases Ortac's interest in Casa, but also aligns Balmes interests in Casa to those of the Ortac shareholders," said Ortac Chief Executive Vassilios Carellas.
By Hannah Boland; [email protected]; @Hannaheboland
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