The Sissingué Project. Source: Perseus Mining
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Orca Gold shareholders approve the C$215 million (A$239 million) takeover deal by Perseus Mining (PRU)
  • Earlier this year, Perseus announced its plans to buy all the outstanding common shares of Orca that it does not already own
  • Completion of the deal is subject to approval from the TSX Venture Exchange and Toronto Stock Exchange, as well as a final court order by the Supreme Court of British Columbia
  • Orca Gold owns a 70 per cent interest in the Block 14 project in northern Sudan near the Egypt border
  • PRU shares are up 1.7 per cent and trading at $1.73 per share at 2:37 pm AEST

Shareholders of Toronto Stock Exchange listed company Orca Gold have approved a takeover deal by Perseus Mining (PRU).

Earlier this year, Perseus announced plans to buy all the outstanding common shares of Orca.

Total consideration to buy Orca is C$215 million (A$239 million). Perseus has already paid C$17 million in cash for an initial 15 per cent interest, with C$198 million left to pay to secure the remaining 85 per cent.

While shareholders have voted in favour of the deal, final completion is subject to approval by the TSX Venture Exchange and the Toronto Stock Exchange, as well as a court order by the Supreme Court of British Columbia.

Gold developer, Orca is focused on mineral proprieties in Africa. It owns a 70 per cent interest in the Block 14 project in northern Sudan near the Egypt border.

Perseus CEO and Managing Director Jeff Quartermaine said the potential acquisition represents a “very exciting” growth opportunity for the company.

“[The acquisition] aligns with our strategy of upgrading the size, quality and geographic distribution of our asset portfolio,” Mr Quartermaine said in a statement to the ASX in February.

“We have the financial capacity, technical expertise, and in-country relationships, in combination with Orca’s existing management team, to bring Orca’s Block 14 Project into production and in the process, create material benefits for all stakeholders including the government and citizens of Sudan.”

On the market this afternoon, PRU shares were up 1.7 per cent and trading at $1.73 per share at 2:37 pm AEST.

PRU by the numbers
More From The Market Online
Nuclear energy concept

Regulator approves Paladin’s acquisition of TSX-listed Fission Uranium

Paladin Energy (ASX:PDN) has seen its shares defy a red Thursday and jump slightly on news…
Cluster of gold nuggets

Voltaic Strategic Resources zooms in on polymetallic finds at Kooline

Voltaic Strategic Resources Ltd has discovered high grade gold and silver, as well as lead and…
Canada lawsuit concept

Conico to appeal Canadian arbitrator’s decision in drilling spat dispute

Conico intends to appeal a Canadian court's decision that threw out its counterclaim against a drilling…
Bolivian women in traditional dress

Cosmos to tap into Bolivian lithium by buying well-placed private dev company

Cosmos Exploration has entered an agreement to acquire EAU Lithium, a company seeking to unlock Bolivian…