Business
Further Investment in Casa Mining Ltd -replacement
Further Investment in Casa Mining Ltd -replacement.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \n Ortac Resources Limited 07 March 2017 \n\nOrtac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration\nThe following amendment has been made to the 'Further Investment in Casa Mining Ltd.' announcement released on 07 March 2017 at 7:00 am under RNS No 6714Y.\nOrtac is pleased to announce that it has increased its shareholding in CASA by acquiring 69,444 shares through a private placement at a price of US$0.72 per share, not US$0.72p per share. All other details remain unchanged. The full amended text is shown below. \n07 March 2017\nORTAC RESOURCES LTD \n(\"ORTAC\" OR THE \"COMPANY\")\n \nFurther Investment in Casa Mining Ltd.\n \nOrtac Resources Ltd (\"Ortac\"), the AIM listed exploration and mine development company, is pleased to provide an update on its investment in Casa Mining Ltd (\"CASA\"), a private company registered in Mauritius that holds prospective gold mining and exploration licences in the Democratic Republic of Congo (\"DRC\").\n \nOrtac is pleased to announce that it has increased its shareholding in CASA by acquiring 69,444 shares through a private placement at a price of US$0.72 per share. Following the announcement, Ortac will hold an interest in 1,561,333 shares of CASA representing 21.71% of the enlarged share capital of CASA.\n \nVassilios Carellas, Ortac's CEO, commented: \"The recently announced placing covers CASA's short term working capital requirements and will enable it to complete an updated resource statement at its Akyanga project.\"\n \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 holdings consist of three contiguous mining licenses (133km2), issued in March 2015 and valid for 30 years. These licenses, which encompass a 60km strike length of the Tanganyika graben within the Rusizian belt (\"Misisi Corridor\"), include the Akyanga deposit along with the Lubitchako, Tulongwe, Kilombwe and Mutshobwe prospects (targets).\nOver the last six years over $30m was spent developing these licenses. In addition to the regional geophysical surveys completed over these license areas in 2011, CASA have carried out 19,522m of diamond drilli...