Exore Resources (ERX) has received an offer by Perseus Mining (PRU) to acquire all outstanding shares in the Company via a scheme of arrangement. The offer is one PRU share for every 12.79 ERX shares, which represents a 69% premium to ERX’s last closing price of $0.062/sh and values the Company’s equity at $64m or $0.105/sh. The Board of ERX has unanimously recommended that shareholders accept the offer. The offer is largely in line with Argonaut’s valuation of $0.11. ERX’s Bagoe and Liberty projects in Côte d’Ivoire comprise a land package of ~2,000km2 located within trucking distance of PRU’s Sissingué Gold Mine. Sissingué has a limited mine life (~3 years) based on current Reserves (4.6Mt at 2.2g/t for 321koz gold).
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