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Perseus raises A$45m

15th April 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Perseus Mining has executed a A$45-million underwriting agreement for the exercise of more than 102.5-million of its warrants, expiring on April 19.

The warrants are exercisable at 44c each.

Perseus in 2016 issued more than 143-million warrants, exercisable at 44c each, to the shareholders of Amara Mining as part of a consideration for that company. Since that time, some 40.5-million warrants have been exercised by the holders.

The miner on Monday said that funding received from the warrants would strengthen the company’s balance sheet, and along with the recently announced $150-million corporate debt facility, existing cash and future cash flow, would ensure that Perseus was well positioned to fund the development of the Yaoure gold mine, in Cote d’Ivoire.

“The proceeds from the warrant underwriting add to Perseus’ financial capacity as the company embarks on the next phase of growth involving amongst other things, the development of our third mine,” said CEO and MD Jeff Quartermaine.

“The significant demand from investors to sub-underwrite the warrant exercise pursuant to this underwriting arrangement, demonstrates the strong support for the company’s strategic plan to produce over 500 000 oz of gold per year at an all-in site cost of less than $850/oz from 2022.”

Edited by Creamer Media Reporter

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