Ortac Resources lifts stake in Casa Mining to about 45%

Shares in Ortac Resources have plunged almost 17% after it took its stake in Casa Mining Ltd to about 45% via a placing to fund the acquisition of a convertible loan note (CLN).

Ortac raised £2m at 3p a share to fund the acquisition of a $2m CLN issued by Casa. The placing was supported by both new and existing investors and a number of Ortac's directors.

Ortac has steadily been building up its stake in Casa, with its latest investment, following conversion, taking its sharholding to about 45%.

Casa was a private Mauritius-registered company that was the 71.25% owner and operator of the Misisi Gold Project, located in the Democratic Republic of the Congo.

At 10:40 BST, shares in AIM-listed Ortac were down 16.67% to 3.12p each.