As a strategic equity investment, Perseus Mining Limited has declared that it has obtained a significant stake of 15.03% in shares of OreCorp Limited.
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The ASX lists OreCorp, an upcoming mineral development company, with the code ORR. The Nyanzaga Gold Project is OreCorp’s primary pre-development project in northwest Tanzania. It has a stated Probable Ore Reserve of 40.08 Mt @ 2.02 g/t gold, or 2.60 million ounces of gold.
Perseus and OreCorp are not currently engaged in conversations. Perseus has no plans to propose a change of control transaction that would compete with the existing plan that Silvercorp Metals Inc. is offering OreCorp shareholders.
Nonetheless, Perseus would be happy to speak with OreCorp to figure out the best and quickest course of action for advancing the Nyanzaga Gold Project.
At the OreCorp scheme meeting on Friday, December 8th, 2023, Perseus plans to vote against the Silvercorp Scheme.
The Form 603 Notice of Initial Substantial Holder, which will be filed on the ASX platform, will contain further information about the OreCorp Share Acquisition.
Perseus continues to assess and, where considered commercially appropriate, deploy its reserves of cash, bullion, and undrawn debt facilities totaling approximately US$900 million, to pursue opportunities that complement its existing asset portfolio and our organic growth program. Acquiring the 15.03% interest in OreCorp via this share acquisition is a strategic investment for Perseus.
Jeff Quartermaine, Executive Chairman, Perseus Mining Limited
Source: https://perseusmining.com/