CAPITAL MARKETS

Perseus seeks $90M

NEW gold producer Perseus Mining is looking to top up its coffers with a $C93.4 million ($A90.4 m...

Kristie Batten

This article is 13 years old. Images might not display.

The company signed an agreement with a syndicate of underwriters co-led by Clarus Securities, Dundee Securities and CIBC World Markets in which the underwriters will buy 25 million shares from Perseus on a bought-deal basis and sell them to the public at $3.25 per share, an 8.2% discount to its Tuesday closing price of $3.52 in Toronto.

The gross proceeds of the raising will be $81.25 million but the underwriters also have an overallotment option to buy a further 3.75 million shares to take the gross proceeds to $93.4 million.

Perseus expects the offer to close by November 2.

The dual-listed company will use the funds for project development and general working capital purposes.

In August, Perseus poured the first gold from its $US175 million Edikan gold mine in Ghana.

Last week the company said the plant was performing to expectation during the commissioning phase, producing 8960 ounces in September.

The mine is set to produce 200,000oz gold in its first 12 months of commercial production, increasing to 280,000oz the following year.

Last month Perseus outlined an aggressive strategy to reach annual production of 450,000oz by 2014 and will spend $A35 million on exploration this year.

Perseus shares fell 8.2% to $C3.23 in Toronto overnight and were last trading 5% down to $A3.28 in Australia after earlier hitting an intraday low of $3.17.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

MiningNews.net Research Report 2025

The MNN Research Report 2025 provides insights into critical mining themes in Australia/Oceania, including top projects, C-suite priorities, risk, ESG performance and investor sentiment.

editions

Mining Journal Intelligence: Investor Sentiment Report 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.

editions

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 117 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

The Mining Company ESG Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.