Implemented today, Gilbert + Tobin advised on the $60 million acquisition of Exore Resources Limited (Exore) by West African gold producer, Perseus Mining Limited (Perseus) by way of scheme of arrangement.
The companies agreed in June 2020 to propose a scheme of arrangement under which Perseus would acquire 100% of the issued share capital of Exore in an all-share transaction by way of scheme of arrangement.
The implied value of the scheme consideration represented an attractive premium over the pre-announcement trading price of Exore shares, being a 69% premium to Exore’s last closing price of $0.062 on 2 June 2020.
Perseus is a multi-mine, multi-jurisdictional explorer, developer and producer of gold with a solid track record of operating in West Africa. Exore’s ~2,000km2 exploration portfolio, includes the Bagoé Project which provides Perseus with a potential near-term development opportunity capable of introducing an additional ore source to its Sissingué Gold Mine.
Commenting on the transaction, Corporate Advisory partner Sarah Turner said “We were delighted to be advising on the successful integration of two companies who had significant synergies with their operations and commercial objectives. The transaction will mean substantial benefits for our client at a time of elevated gold prices, given Perseus’ established development and production capabilities and assets.”
Corporate Advisory partner Sarah Turner, led the transaction with support from lawyers Gabrielle Sumich and Wes Bainbridge. They called on the support of Disputes + Investigations partner Tim O’Leary and lawyer Jamie Ammendolea.