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New chapter for Ortac as it buys Casa Mining

7th November 2017

By: Creamer Media Reporter

     

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JOHANNESBURG (miningweekly.com) – Aim-listed gold explorer and developer Ortac Resources has taken a “major step” forward in the delivery of its revamped strategy to focus on high-potential African exploration assets, announcing this week that it would buy the rest of Casa Mining.

The company has entered into a binding agreement to buy an additional 33.82% of the issued share capital of Casa, taking its shareholding to 70.09%, and has stated its intention of making an offer for the balance of the issued share capital of Casa.

Ortac will acquire the 33.82% in Casa by issuing 38 277 354 new shares of no par value in the company at a deemed price of 2.875p a share.

Casa owns the Misisi gold project, in the Democratic Republic of Congo, where recent drilling has indicated the potential for a gold resource of more than two-million ounces.

“The proposed acquisition of Casa is a turning point in the company’s recent history. We are delivering on our strategy to focus on our portfolio of valuable African exploration assets and Casa is very exciting and a valuable part of our future,” chairperson Nick von Schirnding said on Monday.

Ortac in September unveiled a new Africa-focused strategy. Besides Casa, it is also invested in Zamsort, which owns the Kalaba copper/cobalt project, in Zambia.

Ortac owns gold projects in Slovakia and said in September that it was exploring strategic options for these.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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