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Perseus Mining Announces Share Sale in Montage Gold Corp

Perseus Mining Announces Share Sale in Montage Gold Corp

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.

About The Author

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The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.

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