Business
Confirmation of Proposed Acquisition
Confirmation of Proposed Acquisition.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \n Ortac Resources Limited 10 November 2017 \n\nOrtac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration\n10 November 2017\nORTAC RESOURCES LTD \n(\"Ortac\" or the \"Company\")\n \nConfirmation of Proposed Acquisition of Casa Mining Ltd.\n \nFollowing the announcement made on 6 November 2017, Ortac is pleased to confirm that it has completed the acquisition of the 33.82% shareholding in Casa Mining Ltd (\"CASA\") (the \"Acquisition\"). In addition, Ortac has converted its existing convertible loan note issued to Ortac by CASA (which was amended as per the announcement made on 6 November 2017) (the \"Conversion\").\nCompletion of the Acquisition and the Conversion on 9 November 2017 resulted in Ortac having an approximately 70% shareholding in CASA.\nFurther, on 9 November 2017 immediately following completion of the Acquisition Ortac made a binding public offer to acquire the balance of the shares in CASA from the minority shareholders at the same price per share as provided in the Acquisition (the \"Offer\").\nThe Offer will remain open for six months commencing from 9 November 2017.\nAssuming that all Casa shareholders accept the Offer, Ortac will own 100% of the issued share capital of CASA.\nThe Acquisition represents a major step forward in the delivery of the Company's revamped strategy, announced on 11 September 2017, to focus on its high potential African exploration mining assets. The board believes the acquisition of CASA presents a valuable near term opportunity for Ortac and its shareholders with recent drilling results indicating a potential gold resource in excess of 2 million ounces. \nThe Company has today made an application for a block admission of 100,000,000 new Ordinary Shares to trading on the AIM market of the London Stock Exchange plc (\"Admission\").\nAbout Casa Mining Ltd.\nCASA is a private Mauritian registered company that is the 71.25% owner and operator of the Misisi Gold Project located in South Kivu, eastern DRC, approximately 350km south of Bukavu and 180km north of Kalemie. \nThe CASA licence area consists of three contiguous mining licenses (133km2), issued in March 2015 and valid for 30 years. These licenses encompass a 60km strike length of the Tanganyika graben within the Rusizian belt (\"Misisi Corridor\"), including the Akyanga d...