19th Oct 2016 07:54
LONDON (Alliance News) - Ortac Resources Ltd on Wednesday said it has bought more shares in Casa Mining Ltd after fellow London-listed mining concern Premier African Minerals Ltd on Tuesday bought a 4.5% stake in Casa.
Premier African on Tuesday said it has bought a 4.5% stake in Casa, which is exploring for gold in the Democratic Republic of Congo, for USD250,000. Casa holds three mining licences in the South Kivu province of the DRC.
Ortac said Wednesday it has subscribed for a further 62,500 Casa shares for USD50,000 in order to maintain its 19.5% stake in the company. Based on the price paid for the stake by Premier African, Ortac said its investment in Casa is now valued at USD1.1 million.
"The recently announced investment into Casa by Premier African Minerals is encouraging as it demonstrates the growing interest the London market is showing in the gold exploration sector. Ortac welcomes Premier as a fellow shareholder and we look forward to working together to support the management team at Casa as they advance the exciting Misisi gold project," said Vassilios Carellas, Ortac's chief executive.
Shares in Ortac were up 8.1% to 0.0308 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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