Perseus Mining Sells Shares in Montage Gold Corp
Perseus Mining Limited (ASX/TSX:PRU) is excited to share that it has finalized an agreement with BMO Nesbitt Burns Inc. Under this agreement, Perseus will sell 33,000,000 common shares of Montage Gold Corp., a gold exploration company listed on TSX-V, to BMO at a price of C$1.86 per share. This deal is expected to yield net proceeds of C$61.38 million (US$45.0 million).
Background of the Acquisition
Perseus obtained these shares in Montage during its acquisition of Orca Gold Inc. back in May 2022. At that time, Orca’s main asset was a 70% stake in the Block 14 Gold Project, which is now referred to as the Meyas Sands Gold Project in Sudan. Perseus has since classified its shareholding in Montage as non-core.
Details of Ownership
Before the sale of Montage shares, Perseus held 33,000,000 common shares, representing about 9.6% of the total issued and outstanding shares. After this transaction is completed, Perseus will no longer own any shares in Montage.
Utilization of Proceeds
The funds generated from this sale will strengthen Perseus's financial position, complementing its recent strategic investment in Predictive Discovery Inc., a company dedicated to the Bankan Gold Project in Guinea.
Plans for the Future
Perseus plans to submit an early warning report regarding this share sale to Canadian securities regulators. This report will be available on the company’s profile on SEDAR+.
Comments from Company Leadership
Jeff Quartermaine, Chairman and CEO of Perseus, expressed his contentment with the successful sale, highlighting that the proceeds will assist in covering costs associated with acquiring a strategic interest 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 deemed non-core after Perseus's acquisition of Orca Gold Inc., and the proceeds will enhance its financial position.
How much did Perseus Mining receive from the share sale?
The sale is expected to 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 aims to utilize the proceeds to strengthen its investment strategy, particularly in projects like Predictive Discovery Inc.'s Bankan Gold Project.
Who is the CEO of Perseus Mining?
Jeff Quartermaine serves as the Chairman and CEO of Perseus Mining Limited.
