(RTTNews) - Perseus Mining Limited (PRU.TO, PRU.AX) agreed to acquire all of the issued and outstanding common shares of Orca Gold Inc. (ORG.V) not already owned by Perseus.
Holders of Orca Shares that are not already owned by Perseus have been offered 0.56 Perseus shares for every Orca Share held. Perseus currently owns 39.09 million Orca Shares representing about 15% of the outstanding Orca Shares.
Based on Perseus's closing price on February 25,20221, Perseus's offer implies consideration of C$0.896 per Orca Share, representing a premium of 62.9% to the last closing price of Orca Shares.
Total consideration to be paid by Perseus for 100% of Orca is C$215 million including C$17 million in cash paid to acquire its initial 15% equity interest and C$198 million in Perseus shares2 to acquire the outstanding 85% equity interest.
Orca intends to call a meeting of securityholders to be held in May 2022 to seek approval for the Arrangement with the closing of the Orca Acquisition expected to occur in early June 2022. Approval of the Orca Acquisition by shareholders of Perseus is not required.
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