Perseus goes for Exore

Jun 3, 2020 | News

Pictured: Exore Managing Director Justin Tremain

Perseus Mining Ltd swoops on Exore Resources Ltd in Côte d’Ivoire. ERX has explored and expanded its ground holdings in the West African nation and delivered resources of 750,000t @ 3.5 g/t for 90,000oz gold (indicated) and 5.85mt @ 2.3 g/t for 440,000oz (inferred) at the Bagoe project. ERX’s substantial land package in northern Côte d’Ivoire is near Perseus’s Sissingue gold mine.

The scheme consideration of $59.8 million is calculated on a fully diluted basis applying a purchase price of 9.8c/share (based on Perseus’s 10 trading day VWAP). Exore shareholders to receive one Perseus share for every 12.79 Exore shares held. This share swap ratio is based on the 10-day VWAP of Perseus shares on June 2 2020 and implies an Exore price of 10.5c/share based on Perseus’s closing share price on the same date.