Druces LLP, the City-based business and private wealth law firm, has advised client Casa Mining Limited on the acquisition by AIM-quoted Ortac Resources Limited of the Casas shares it did not already own, in a share exchange transaction which will see the selling Casa shareholders own 29 per cent of Ortac. Casa has for some years been developing a potential gold mine in the Democratic Republic of Congo and Ortac had previously provided funding of US$2,000,000 by way of a convertible loan to finance ongoing work in the DRC. The acquisition by Ortac follows recent drilling results published by Casa, indicating that Casa’s asset may have a potential gold resource of 2 million ounces. Two of Casa’s directors and principal shareholders, Michael Foster and Jonathan de Thierry, are expected to join the Ortac board.

Michael Foster, Chairman of Casa, said “We have worked for many years with David Smith, the Druces partner involved; his knowledge of Casa and its history, and his experience of cross-border acquisitions, were of considerable importance to us in helping us close this transaction.”

This news was posted on 16 November 2017