Login
West African gold producer scoops up Exore Resources for $60m
Gilbert + Tobin has advised on the $60 million acquisition of Exore Resources by a West African gold producer.
Emma Musgrave
Firm: Gilbert + Tobin
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Deal: Exore Resources Limited (Exore) has been acquired by Perseus Mining Limited (Perseus) by way of scheme of arrangement.
Value: $60 million
Area: M&A
Key players: The Gilbert + Tobin team was headed up by corporate advisory partner Sarah Turner, with support from lawyers Gabrielle Sumich and Wes Bainbridge. Ms Turner also called on the support of disputes and investigations partner Tim O'Leary and lawyer Jamie Ammendolea.
Deal significance: Perseus is described as a “multi-mine, multi-jurisdictional explorer, developer and producer of gold” with a solid track record of operating in West Africa.
According to a statement from Gilbert + Tobin, Exore and Perseus agreed to propose a scheme of arrangement in June 2020 under which the latter would acquire 100 per cent of the issued share capital of Exore in an all-share transaction by way of scheme of arrangement.
“The implied value of the scheme consideration represented an attractive premium over the pre-announcement trading price of Exore shares, being a 69 er cent premium to Exore’s last closing price of $0.062 on 2 June 2020," the statement explained.
Commenting further on the transaction, Ms Turner said: “We were delighted to be advising on the successful integration of two companies who had significant synergies with their operations and commercial objectives”.
“The transaction will mean substantial benefits for our client at a time of elevated gold prices, given Perseus’ established development and production capabilities and assets,” she added.
