03-June-2020:  Perseus Mining to acquire 100% of Exore Resources

HIGHLIGHTS:

• Perseus to acquire 100% of Exore by way of scheme of arrangement in an all-share transaction under which, if implemented, Exore shareholders will receive 1 Perseus share for every 12.79 Exore shares held.
• The Scheme delivers compelling value to Exore shareholders:
  • Based on Perseus’s 10 trading day VWAP, Scheme Consideration values Exore at a fully diluted equity value of A$59.8 million or A$0.098 per share
  • Based on Perseus’s last closing share price on 2 June 2020, Scheme Consideration values Exore at a fully diluted equity value of A$64.0 million or A$0.105 per share.
• At Perseus’s last closing price, the Implied Scheme Consideration represents a premium of: 
  • 69% to Exore’s closing share price of A$0.062 on 2 June 2020
  • 78% to the 20 trading day VWAP of Exore of A$0.059, up to and including 2 June 2020.
• This is equivalent to a 56.9% premium based on the 20 trading day VWAP of both companies.
• The Exore Board unanimously recommends that Exore shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to an Independent Expert’s report concluding that the Scheme is in the best interests of Exore shareholders.
• Exore has elected to exercise its pre-emptive right over Apollo’s 20% joint venture interest in the Bagoe and Liberty Projects in northern Côte d’Ivoire for US$4.5 million to obtain 100% ownership.
• Shareholders of both Perseus and Exore are expected to benefit from the increased strength of the combined entity:
  • Exore’s Bagoe project in northern Côte d’Ivoire has a maiden JORC-compliant Mineral Resource containing 90,000 ounces of gold classified as an Indicated Mineral Resource and a further 440,000 ounces classified as an Inferred Mineral Resource
  • The Mineral Resources defined at the Bagoe project are within trucking distance of Perseus’s Sissingué Gold Mine
  • Perseus has the financial capacity, technical expertise and in-country experience to advance the Bagoe and Liberty projects as well as explore Exore’s highly prospective ~2,000 square km land package.
• Perseus’s offer allows Exore shareholders to retain exposure to Exore’s exploration potential as well as gain exposure to Perseus’s multi-mine, multi-jurisdictional portfolio of profitable mining and development operations, its highly competent technical team and “licence to operate” in West Africa.

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Perseus Mining's (PRU's) announcement:  PRU: Perseus to acquire Exore Resources

[Looks the same as ERX's announcement - clearly both boards are behind this]

Also:  Joint Perseus and Exore presentation

Looks like a good fit - PRU will expand their footprint in Côte d’Ivoire and will remain a 100% West African focussed gold miner.