Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has elected to undertake a compulsory acquisition of all OreCorp Limited shares, having a relevant interest in 94.99% of the company’s shares.
PRU advises that its recommended off-market takeover offer to acquire all fully paid ordinary shares at A$0.575 each will end at 7:00pm AEST, today, on April 19, 2024 – the deadline will not be extended further.
OreCorp shareholders who accept the offer before close will receive their offer consideration within seven business days, sooner than that offered through the compulsory acquisition.
The process is likely to take four to six weeks with trading in OreCorp shares on the ASX to be suspended within five business days from today.
OreCorp assets
OrCorp holds rights over the Nyanzaga Gold Project in the Archaean Greenstones of the Lake Victoria Goldfields of northwest Tanzania.
The project is about 60 kilometres southwest of the city of Mwanza, within 60 kilometres of the Geita Gold Mine and 30 kilometres from the Bulyanhulu Gold Mine.
The tenure’s licence covers 23.4 square kilometres, with a probable ore reserve of about 40 million tonnes at 2.02 g/t gold for 2.6 million ounces of gold.
A definitive feasibility study has outlined a 4-million-tonne per annum open pit and underground mining operation over a 10.7-year life of mine.
The project has a short buy-back period of about 3.7 years, a pre-tax net present value (NPV5) of US$926 million and an internal rate of return (IRR) of 31%.
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