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.