Perseus acquires 15% interest in OreCorp Limited
November 26 2023 - 6:30PM
PERSEUS ACQUIRES 15.03% INTEREST IN ORECORP
Perth, Western Australia/November 27, 2023/
Perseus Mining Limited (ASX/TSX:PRU) (Perseus or
the Company) is pleased to announce that it has
acquired a relevant interest of 15.03% in OreCorp Limited
(OreCorp) shares (OreCorp Share
Acquisition) as a strategic equity investment.
OreCorp is an emerging mineral development company listed on the
ASX under the code ORR. OreCorp’s key project is the Nyanzaga Gold
Project, a pre-development project located in northwest Tanzania
with a reported Probable Ore Reserve of 40.08 Mt @ 2.02 g/t gold
for 2.60 million ounces of gold1.
Perseus is not currently in active discussions with OreCorp and
does not intend to submit a change of control transaction in
competition to the current scheme that Silvercorp Metals Inc has
offered to OreCorp shareholders (initially announced to ASX on
August 7, 2023 and subsequently revised on November 23, 2023)
(Silvercorp Scheme). Perseus would, however,
welcome the opportunity to engage with OreCorp in order to
determine an optimal and expedited pathway forward for the
development of the Nyanzaga Gold Project.
Perseus intends to vote against the Silvercorp Scheme at the
OreCorp scheme meeting, which is scheduled for Friday, December 8,
2023.
Further details of the OreCorp Share Acquisition will be set out
in the Form 603 Notice of Initial Substantial Holder to be lodged
on the ASX platform.
Perseus’s Executive Chairman Jeff Quartermaine
said:
“Perseus continues to assess and, where considered commercially
appropriate, deploy its reserves of cash, bullion and undrawn debt
facilities totalling approximately US$900 million, to pursue
opportunities that complement its existing asset portfolio and our
organic growth programme.Acquiring the 15.03% interest in OreCorp
via this share acquisition is a strategic investment for Perseus.
It provides an investment in an attractive African gold project
located in a jurisdiction that has a long and successful history of
gold mining. Perseus has the ability, should the opportunity arise,
to deploy its engineering, development and operating expertise and
balance sheet to meaningfully contribute to the successful
development and operation of this project.”
This announcement has been authorised for release by Perseus’s
Executive chairman, Jeff Quartermaine.
ASX/TSX CODE: PRUREGISTERED
OFFICE:Level 2437 Roberts RoadSubiaco WA 6008Telephone:
+61 8 6144 1700Email: IR@perseusmining.comABN: 27
106 808 986WWW.PERSEUSMINING.COM |
CONTACTS:Jeff
QuartermaineExecutive
Chairmanjeff.quartermaine@perseusmining.comNathan
RyanMedia
Relationsnathan.ryan@nwrcommunications.com.au |
1 OreCorp Limited ASX announcement dated August 22, 2022
“Nyanzaga DFS Delivers Robust Results”.
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