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Perseus Mining to proceed with Exore acquisition following Supreme Court of Western Australia approval

This move follows the approval for the scheme agreement by Exore shareholders on September 10.

Perseus Mining Ltd - Perseus Mining to proceed with Exore acquisition following Supreme Court of Western Australia approval
Perseus operates two gold mines in West Africa and is developing a third.

Perseus Mining Ltd (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) is set to proceed with the acquisition of Exore Resources Ltd (ASX:ERX) (OTCMKTS:NLIOF) after the Supreme Court of Western Australia approved the scheme of arrangement today.

The scheme will become effective upon lodgement of the Court orders with the Australian Securities and Investments Commission (ASIC).

Perseus shares have been up almost 7% to A$1.555 intra-day.

Indicative timetable

It is expected that a copy of the court orders will be lodged with ASIC on Wednesday, September 16, at which time the scheme will become legally effective.

If this occurs, Exore’s shares will be suspended from trading on the ASX at the close of trade on September 16.

The indicative timetable for implementation of the scheme is:

Perseus is acquiring Exore, which will result in Perseus gaining a dominant gold landholding in Cote d’Ivoire

The parties have entered a Scheme Implementation Deed which will see Perseus acquire 100% of Exore in a deal that values the target at just under $60 million.

Perseus managing director and CEO Jeff Quartermaine told Proactive that this arrangement would provide benefits to both companies with Perseus gaining access to highly prospective ground near its operating Sissingue Gold Mine in Cote d’Ivoire, including a 530,000-ounce resource.

He said Exore shareholders would now have the opportunity to participate in the continuing growth of Perseus.

Quick facts: Perseus Mining Ltd

Price: 1.205 AUD

Market: ASX
Market Cap: $1.48 billion

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