26/10/2009 - 08:20

Perseus to raise $58.5m

26/10/2009 - 08:20

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Perseus Mining has unveiled details of its third capital raising this year, with the gold hopeful planning to raise $58.5 million through institutional investors to take its Ayanfuri gold project through to construction.

Perseus to raise $58.5m

Perseus Mining has unveiled details of its third capital raising this year, with the gold hopeful planning to raise $58.5 million through institutional investors to take its Ayanfuri gold project through to construction.

The company will also list on the Toronto Stock Exchange, a condition of a placement to North American investors, which comprises of 23.4 million subscriptions receipts at $1.50 to raise $35.1 million.

The North American placement is subject to due diligence, which is anticipated to be completed at about November 5.

Should that prove to be successful, the receipts will be held in escrow pending the successful listing of Perseus on the TSX within 90 days.

The other part of the raising will involve the placement of 15.6 million shares at $1.50 each to institutional investors in Australia, Asia and Europe to raise $23.4 million.

"Perseus is in the fortunate position of having two outstanding gold projects with excellent potential for growth and near-term production," managing director Mark Calderwood said.

"The $58.5 million raising was heavily sought after and puts the Company in an excellent position
to complete project funding and fast-track development.

"With the Company well funded, the Lead Engineers soon to be appointed, Government approvals underway, project financing discussions well advanced, and construction on track to commence early next year, we are increasingly confident of becoming a significant gold producer within 20 months."

Part of the funds will also be applied towards exploration activities within Ghana and the Ivory Coast.

It is the third time this calendar year Perseus has tapped equity markets for funds, with the gold hopeful raising $8.5 million through a share placement and a further $75 million in May through a placement and rights issue.

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