The Sissingué Project. Source: Perseus Mining
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Orca Gold shareholders approve the C$215 million (A$239 million) takeover deal by Perseus Mining (PRU)
  • Earlier this year, Perseus announced its plans to buy all the outstanding common shares of Orca that it does not already own
  • Completion of the deal is subject to approval from the TSX Venture Exchange and Toronto Stock Exchange, as well as a final court order by the Supreme Court of British Columbia
  • Orca Gold owns a 70 per cent interest in the Block 14 project in northern Sudan near the Egypt border
  • PRU shares are up 1.7 per cent and trading at $1.73 per share at 2:37 pm AEST

Shareholders of Toronto Stock Exchange listed company Orca Gold have approved a takeover deal by Perseus Mining (PRU).

Earlier this year, Perseus announced plans to buy all the outstanding common shares of Orca.

Total consideration to buy Orca is C$215 million (A$239 million). Perseus has already paid C$17 million in cash for an initial 15 per cent interest, with C$198 million left to pay to secure the remaining 85 per cent.

While shareholders have voted in favour of the deal, final completion is subject to approval by the TSX Venture Exchange and the Toronto Stock Exchange, as well as a court order by the Supreme Court of British Columbia.

Gold developer, Orca is focused on mineral proprieties in Africa. It owns a 70 per cent interest in the Block 14 project in northern Sudan near the Egypt border.

Perseus CEO and Managing Director Jeff Quartermaine said the potential acquisition represents a “very exciting” growth opportunity for the company.

“[The acquisition] aligns with our strategy of upgrading the size, quality and geographic distribution of our asset portfolio,” Mr Quartermaine said in a statement to the ASX in February.

“We have the financial capacity, technical expertise, and in-country relationships, in combination with Orca’s existing management team, to bring Orca’s Block 14 Project into production and in the process, create material benefits for all stakeholders including the government and citizens of Sudan.”

On the market this afternoon, PRU shares were up 1.7 per cent and trading at $1.73 per share at 2:37 pm AEST.

PRU by the numbers
More From The Market Herald

" Creso Pharma (ASX:CPH) signs potential partnership with Gotro for Sierra pet products

Creso Pharma (ASX:CPH) signs a heads of agreement with leading pet care distributor, Gotro Global, to…

" Mighty Craft (ASX:MCL) signs agreement with DB Breweries and Better Beer in New Zealand

Mighty Craft (ASX:MCL) has signed a binding agreement with DB Breweries and Better Beer Company to…
Nordic Nickel (ASX:NNL) - Managing Director, Todd Ross

" Nordic Nickel (ASX:NNL) releases maiden MRE for Hotinvaara Prospect, Finland

Nickel sulphide explorer Nordic Nickel (ASX:NNL) has released a maiden mineral resource estimate (MRE) for the…
Spirit Technologies (ASX:ST1) - CEO and MD Julian Challingsworth

" Spirit Technology (ASX:ST1) appoints Julian Challingsworth as CEO and MD

Spirit Technology (ASX:ST1) has appointed Julian Challingsworth as its new CEO and Managing Director, effective immediately.