Arc Minerals says third-party buyer 'potentially interested' in Casa Mining

Arc Minerals updated the market on the sale of its entire 99.43% interest in Casa Mining to Golden Square Equity Partners for up to $50m on Friday, saying that Golden Square has been approached by a third party interested buyer.

The AIM-traded firm’s consent would be required for any such transaction, the board said.

It added that it was reviewing the proposed transaction, which “potentially looks attractive”, and would update the market in due course.

“The company also announces that the $5m consideration due to Arc Minerals in the form of a loan note resulting from the sale of its interest in Casa, which had been due to mature on 19 March, has been extended for a further 120 days to 16 July,” the board said.

At 0924 BST, shares in Arc Minerals were up 3.24% at 6.3p.