Ortac Resources increases stake in Casa Mining to 23pc

Exploration and mine development company Ortac Resources updated on its investment in Casa Mining, a private company registered in Mauritius that holds prospective gold mining and exploration licences in the Democratic Republic of Congo, on Friday.

The AIM-traded firm confirmed it had increased its shareholding in CASA by acquiring a further 100,000 shares through a private placement at a price of $0.50 per share, and had been issued with a further 30,556 down round adjustment shares.

Following the announcement, Ortac held an interest in 1,691,889 shares of CASA representing 22.80% of its enlarged share capital.

“The placing is part of a slightly larger placing that CASA have completed that will enable the company to complete further technical work on their flagship Misisi gold project where they are targeting a three million ounce gold resource and where funds raised from this current placing will be used to finalise drill selection targets in advance of a planned drilling programme later this year,” said Ortac CEO Vassilios Carellas.