Fortuna completes acquisition of Chesser, strengthening West African presence

21st September 2023

By: Cameron Mackay

Creamer Media Senior Online Writer


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Canadian precious metals minerFortuna has closed the previously announced acquisition of gold exploration company Chesser Resources.

Fortuna acquired 100% of the fully paid ordinary shares of Chesser in consideration for about 0.02 of one common share of Fortuna (each whole share) for each Chesser share held.

On closing, Fortuna issued 15 545 368 Fortuna shares in exchange for the Chesser shares, representing about  5.1% of the resulting issued and outstanding Fortuna shares on an undiluted basis.

“The acquisition of Chesser expands Fortuna’s presence in West Africa to include the preliminary economic assessment stage Diamba Sud gold project in Senegal, a new and emerging gold discovery in the region,” states Fortuna.

Chesser holds tenements in Senegal, covering about 872 km2 of prospective ground located close to, and sharing similar geological features with, nearby tier one gold mines.

Diamba Sud is comprised of four open-pittable high-grade gold deposits, along with numerous anomalies yet to be tested. Fortuna will prioritise exploration to expand the mineral resource at Diamba Sud before advancing the project to the development stage.

“With the acquisition of Chesser, Fortuna continues to strengthen its presence in West Africa. Senegal is a mining-friendly and highly prospective jurisdiction, and we are excited about the growth potential that Chesser’s Diamba Sud gold project provides,” states Fortuna CEO and president Jorge A. Ganoza.

“We look forward to integrating Diamba Sud into our global portfolio, focusing on exploration to unlock value, and partnering with the local communities and stakeholders as we continue to advance the project,” Ganoza concludes. 

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online



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