Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has increased its holding of takeover target OreCorp Ltd to 74.98% after previous bidder Silvercorp Metals Inc (TSX:SVM, AMEX:SVM) decided to accept the Perseus offer.
Silvercorp’s acceptance was for a total of 73,889,007 OreCorp shares, which represented 15.61% of the OreCorp shares on issue.
Perseus has made an off-market takeover bid under Chapter 6 of the Corporations Act for all the current and to be issued ordinary shares in OreCorp Ltd at $0.575 per share.
As at April 9, 2024, Perseus had a relevant interest in 354,982,123 OreCorp shares representing 74.98%.
The Perseus offer is open until April 19, 2024, unless extended.
READ: Perseus Mining declares OreCorp takeover offer unconditional and ‘best and final’
On Monday, Perseus declared its offer as unconditional and ‘best and final’ in the absence of a competing proposal.
“Compelling benefits”
At the time, Perseus chairman and chief executive officer Jeff Quartermaine said: “We are pleased with the positive response from OreCorp shareholders and to be able to declare the offer unconditional and best and final.
“The offer provides compelling benefits and value to OreCorp shareholders, as well as the opportunity for OreCorp shareholders to realise certain and expedited value for their OreCorp shareholdings.”
OreCorp holds the pre-development Nyanzaga Gold Project in Tanzania, which is now in line to come under Perseus Mining’s wing and add to its suite of producing, pre-development and exploration assets in Africa.
"Senior executives from Perseus are scheduled to visit Tanzania in the very near future to continue the process of building relationships in country with key government and industry stakeholders as well as existing employees and associates of OreCorp and to prepare the way for the commencement of the development of the Nyanzaga Gold Project,” Quartermaine added.