Perseus Mining (ASX: PRU) has entered into an agreement with Cormark Securities Inc. on behalf of a syndicate of underwriters consisting of Cormark Securities Inc., Clarus Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., and Dundee Securities Corporation (collectively, the Underwriters).
The Underwriters have agreed to buy and sell to the public 44,000,000 ordinary shares of the company at a price of CAD$1.80 per ordinary share, for gross proceeds to the company of CAD$79,200,000 (the Offering).
The Underwriters will also have the option, exercisable in whole or in part at any time up to 30 days after the closing of the Offering, to purchase up to an additional 6,600,000 ordinary shares of the company.
In the event that the option is exercised in its entirety, the aggregate gross proceeds of the Offering will be CAD$91,080,000. Closing of the Offering is expected to occur on or about 29 April, 2010 and is subject to regulatory approval including that of the Toronto Stock Exchange.
The net proceeds of the share issues will be used to fund on-going exploration and development of the company’s West African gold properties and for general corporate purposes.
Disclosure: The author holds no positions in the company