Perseus Mining Announces Share Sale in Montage Gold Corp
Perseus Mining Sells Shares in Montage Gold Corp
Perseus Mining Limited (ASX/TSX:PRU) is pleased to announce that it entered into an agreement with BMO Nesbitt Burns Inc., pursuant to which Perseus agreed to sell 33,000,000 common shares in Montage Gold Corp., a TSX-V listed gold explorer, to BMO at a price of C$1.86 per share. This transaction will generate net proceeds of C$61.38 million (US$45.0 million).
Acquisition Background
Perseus acquired the shares in Montage during its acquisition of Orca Gold Inc. in May 2022. Orca’s principal asset was a 70% interest in the Block 14 Gold Project, now known as the Meyas Sands Gold Project in Sudan, and the shareholding in Montage was deemed non-core by Perseus.
Ownership Details
Prior to the Montage Share Sale, Perseus owned and controlled 33,000,000 common shares, approximately 9.6% of the issued and outstanding common shares. Following the completion of the sale, Perseus will not hold any Montague shares.
Use of Proceeds
The funds raised from the sale will further bolster Perseus's balance sheet, aligning with the recent strategic purchase of a stake in Predictive Discovery Inc., a company focused on the Bankan Gold Project in Guinea.
Future Plans
Perseus intends to file an early warning report regarding the share sale with Canadian securities regulators. This report will be accessible under the company’s profile on SEDAR+.
Company Leadership Comments
Perseus’s Chairman and CEO Jeff Quartermaine expressed satisfaction over the successful completion of the sale, emphasizing that the proceeds will help offset costs related to acquiring a strategic stake in a promising gold development project.
Company Information
ASX/TSX CODE: PRU
CAPITAL STRUCTURE: Ordinary shares: 1,375,758,580 | Performance rights: 7,693,145
REGISTERED OFFICE:
Level 2, 437 Roberts Road, Subiaco WA 6008
Telephone: +61 8 6144 1700
CONTACTS:
Jeff Quartermaine
Chairman & CEO
Email: jeff.quartermaine@perseusmining.com
Stephen Forman
Investor Relations
Phone: +61 484 036 681
Nathan Ryan
Corporate Relations
Phone: +61 420 582 887
Email: nathan.ryan@nwrcommunications.com.au
Frequently Asked Questions
What is the recent share sale by Perseus Mining?
Perseus Mining has sold 33 million common shares in Montage Gold Corp to BMO for C$1.86 per share.
Why did Perseus Mining sell its shares in Montage Gold Corp?
The shares were considered non-core following Perseus's acquisition of Orca Gold Inc., and the proceeds will strengthen its balance sheet.
How much did Perseus Mining receive from the share sale?
The sale will generate net proceeds of C$61.38 million (US$45.0 million) for Perseus Mining.
What are Perseus Mining's future plans regarding their investment strategy?
Perseus intends to use the proceeds to bolster its investment position, particularly in projects like Predictive Discovery Inc.'s Bankan Gold Project.
Who is the CEO of Perseus Mining?
Jeff Quartermaine is the Chairman and CEO of Perseus Mining Limited.
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