- Perseus Mining (PRU) acquires the remaining amount of Orca Gold shares through a statutory plan of arrangement
- Prior to the deal, Perseus owned roughly 15 per cent of Orca, but it now owns 100 per cent
- Under the deal, Orca shareholders received an aggregate of 125.2 million Perseus common shares worth around $221 million
- Following the buy, Perseus now owns 70 per cent of the Block 14 Development Project in Sudan
- Perseus Mining (PRU) last traded at $1.75 per share on May 19
Perseus Mining (PRU) has acquired the remaining amount of Orca Gold shares through a statutory plan of arrangement.
Perseus has received 223.7 million Orca common shares, meaning it now holds a 100 per cent interest in Orca.
Perseus already owned 39.09 million Orca shares before purchasing the remaining number of available shares. This meant Perseus only had a 15 per cent holding in Orca shares at that time.
Orca shareholders received a total of 125.2 million Perseus shares as a result of the transaction, valuing the deal at around C$200 million (A$221 million).
With this acquisition, Perseus owns 70 per cent of the Block 14 Development Project in Sudan and a 31.4 per cent stake in the Koné Gold Project in Cote d’Ivoire.
As an extension of this deal, Perseus now holds 33 million shares in Montage Gold Corp — roughly 31 per cent of Montage shares on issue. Before the deal, Perseus had no equity in Montage Gold.
Perseus Mining (PRU) last traded at $1.75 per share on Thursday, May 19.