03/11/2011 - 10:44

Perseus raises $77m from share offer

03/11/2011 - 10:44

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ASX and Toronto-listed gold miner Perseus Mining has raised $C81.2 ($77.7 million) from its share offering launched last month, more than $10 million short of its $C93.4 million ($90 million) maximum limit.

Perseus entered into an agreement with a syndicate of underwriters co-led by Clarus Securities, Dundee Securities and CIBC World Markets on October 13, for the syndicate to buy 25 million shares and sell them to the public at C$3.25 ($3.13) per share.

Perseus said the underwriters would hold an over-allotment option to purchase up to an additional 3.75 million shares for the next 30 days.

The Perth-based company said it intended to apply the funds principally to developing the Sissingue gold deposit at its Tengrela gold project in Cote D'Ivoire.

Perseus is targeting production from Tengrela by the start of 2013. It is currently producing gold from the Edikan gold mine in Ghana, formerly known as the Central Ashanti Gold project.

The Toronto Stock Exchange has accepted the new shares for listing.

At 10:35AM WST Perseus' stocks on the Australian Securities Exchange had shed 1.3 per cent, to trade at $3.10.

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