Perseus Mining Limited (ASX:PRU) made an offer to acquire remaining 80.1% stake in OreCorp Limited (ASX:ORR) from Silvercorp Metals Inc. (TSX:SVM) and Rollason Pty Ltd. for approximately AUD 210 million on January 22, 2024. Perseus shall pay AUD 0.55 per share in cash as consideration. The offer will be funded from Perseus?s existing cash and bullion reserves. This offer is also subject to a 50.1% minimum acceptance condition and other customary conditions including approval by FCC. Board of OreCorp has not considered the offer to be superior. As of March 15, 2024, the transaction is approved by Tanzanian Fair Competition Commission. As of March 25, 2024, the transaction is approved by board of directors of OreCorp Limited. Perseus will keep the offer open until at least March 15, 2024. The transaction is expected to close on April 19, 2024. As at 05 April 2024, Perseus has informed OreCorp that it has a relevant interest in 239,542,398 OreCorp Shares, representing 51.03% of OreCorp Shares on issue. Sternship Advisers Pty Ltd. and Euroz Hartleys Limited acted as financial advisors while Corrs Chambers Westgarth acted as legal advisors for Perseus Mining. Automic Pty Ltd. acted as registrar in the transaction.

Perseus Mining Limited (ASX:PRU) completed the acquisition of remaining 80.1% stake in OreCorp Limited (ASX:ORR) from Silvercorp Metals Inc. (TSX:SVM) and Rollason Pty Ltd. on April 19, 2024.