Perseus Mining Limited has agreed to acquire a 15% interest in Orca Gold Inc from Resolute Mining Limited. Orca is a gold developer, listed on the TSX Venture Exchange. Its key assets include a 70% interest in the Block 14 Gold Project in northern Sudan and a 31.5% interest in Montage Gold Corp, which owns the Kone Gold Project in northern Cote d'Ivoire.Perseus has agreed to acquire 39,092,233 million common shares in Orca from RSG representing 15% of Orca's common shares on issue. The RSG Share Acquisition was executed at a price of approximately 44.8 Canadian cents per Orca share representing the 10-day VWAP of Orca on the TSX-V to 28 January 2022. Total consideration for the RSG Share Acquisition is approximately CAD 17.5 million. Prior to the RSG Share Acquisition, Perseus held no common shares or other securities of Orca.Simultaneous with the RSG Share Acquisition, Perseus has agreed to provide Orca with a US$5.0 million short term loan facility. Orca plans to use the loan for working capital and for further exploration and development activities at Block 14. The Orca Loan Facility matures on 30 June 2022 with interest charged at a rate of 7.5% per annum.Prior to the RSG Share Acquisition Perseus has engaged in exclusive discussions with Orca with respect to a possible change of control transaction whereby Perseus would acquire all the outstanding securities of Orca. Orca potentially provides Perseus with exposure to two highly prospective assets with significant resource bases and is consistent with Perseus' strategy of building a platform of long life, highly profitable African gold assets.While the discussions regarding a possible transaction with Orca are continuing, any change of control transaction would be subject to, among other matters, the completion of outstanding due diligence including an assessment of the geopolitical situation in Sudan by Perseus and reaching agreement with Orca on definitive terms. As a result, there can be no assurance that any such transaction will be completed. Depending on market conditions and other factors, Perseus may, from time to time in the future, increase or decrease its direct or indirect ownership, control or direction over securities of Orca through market transactions, private agreements, subscriptions from treasury or otherwi
Perseus Mining Limited has agreed to acquire a 15% interest in Orca Gold Inc from Resolute Mining Limited. Orca is a gold developer, listed on the TSX Venture Exchange. Its key assets include a 70% interest in the Block 14 Gold Project in northern Sudan and a 31.5% interest in Montage Gold Corp, which owns the Kone Gold Project in northern Cote d'Ivoire.Perseus has agreed to acquire 39,092,233 million common shares in Orca from RSG representing 15% of Orca's common shares on issue. The RSG Share Acquisition was executed at a price of approximately 44.8 Canadian cents per Orca share representing the 10-day VWAP of Orca on the TSX-V to 28 January 2022. Total consideration for the RSG Share Acquisition is approximately CAD 17.5 million. Prior to the RSG Share Acquisition, Perseus held no common shares or other securities of Orca.Simultaneous with the RSG Share Acquisition, Perseus has agreed to provide Orca with a US$5.0 million short term loan facility. Orca plans to use the loan for working capital and for further exploration and development activities at Block 14. The Orca Loan Facility matures on 30 June 2022 with interest charged at a rate of 7.5% per annum.Prior to the RSG Share Acquisition Perseus has engaged in exclusive discussions with Orca with respect to a possible change of control transaction whereby Perseus would acquire all the outstanding securities of Orca. Orca potentially provides Perseus with exposure to two highly prospective assets with significant resource bases and is consistent with Perseus' strategy of building a platform of long life, highly profitable African gold assets.While the discussions regarding a possible transaction with Orca are continuing, any change of control transaction would be subject to, among other matters, the completion of outstanding due diligence including an assessment of the geopolitical situation in Sudan by Perseus and reaching agreement with Orca on definitive terms. As a result, there can be no assurance that any such transaction will be completed. Depending on market conditions and other factors, Perseus may, from time to time in the future, increase or decrease its direct or indirect ownership, control or direction over securities of Orca through market transactions, private agreements, subscriptions from treasury or otherwi
