Ortac Resources has signed an agreement to acquire an additional 33.82% of the issued share capital of Mauritian exploration company Casa Mining.
An additional offer will be made by the company to acquire the remaining issued share capital of Casa.
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Under the agreement, the miner will issue 38,277,354 new ordinary shares to Casa in exchange for the interest.
Subject to the closure of the deal, Ortac will convert the $2m convertible loan note previously issued to it by Casa at an amended reduced share conversion price of $0.5586.
Ortac Resources chairman Nick von Schirnding said: “We are delivering on our strategy to focus on our portfolio of valuable African exploration assets and Casa is a very exciting and valuable part of our future.
“With a new board and a clear strategy in delivering shareholder value, we look forward to a new chapter for Ortac and its shareholders.”
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By GlobalDataOnce the transaction and conversion of the loan note are completed, the company will hold 7,848,594 shares of Casa, amounting to 70.09% of the issued share capital.
Casa operates the Misisi gold project located in South Kivu, eastern DRC, with a 71.25% interest.
The licence holdings held by the company comprise three contiguous mining licences covering 133km², with a validity of 30 years.
The licences include the Akyanga deposit along with the Lubitchako, Tulongwe, Kilombwe, and Mutshobwe prospects.
A scoping feasibility study for the Akyanga deposit determined a net present value (NPV), at 8% discount, and internal rate of return (IRR) of $171m and 35% respectively.
