Perseus Mining Secures Silvercorps Stake in OreCorp in Strategic Takeover

Highlights:

• Strategic Acquisition: Silvercorp Metals Inc has accepted Perseus Mining Limited's takeover bid, selling its 15.6% stake in OreCorp, signifying a major consolidation move in the mining sector.
• Perseus's Growing Share: Following Silvercorp's acceptance, Perseus now controls approximately 75% of OreCorp's shares, demonstrating significant market confidence and strategic positioning.
• Unconditional Offer: Perseus's bid to acquire all of OreCorp's shares is unconditional and declared as the best and final offer, urging shareholders to accept by April 19, 2024, to join in on a pivotal industry consolidation.

A Strategic Move in the Mining Sector

In a significant development within the mining industry, Perseus Mining Limited (ASX: PRU), a renowned gold producer listed on the ASX and TSX, has announced a successful step in its takeover bid for OreCorp Limited. This move comes as Silvercorp Metals Inc, headquartered in Canada, agreed to tender its 15.6% stake, equivalent to 73,889,007 shares, in OreCorp, thereby bolstering Perseus's position significantly.

Perseus's Growing Influence

As of April 9, Perseus's control over OreCorp has surged, with the company now speaking for approximately 75% (354,982,123 shares) of OreCorp's shares. This acceptance by Silvercorp marks a pivotal moment in Perseus's off-market takeover bid, showcasing the offer's appeal and strategic value to shareholders within the sector.

The Offer at a Glance

Perseus's offer, detailed under Chapter 6 of the Corporations Act, is designed to acquire all current and future ordinary shares of OreCorp. Highlighting the attractiveness and confidence in their bid, Perseus has made their offer unconditional and asserts it as the best and final move, barring any competing proposals. With the offer set to close on April 19, 2024, unless extended, OreCorp shareholders are encouraged to accept the proposal promptly to capitalize on this opportunity.

Implications for the Mining Industry

This acquisition signals a noteworthy consolidation in the mining sector, highlighting Perseus Mining's ambition to expand its portfolio and strengthen its market position. The acceptance of the offer by a major stakeholder like Silvercorp underscores the perceived value and potential of OreCorp under Perseus's umbrella, setting the stage for further developments in the industry's dynamic landscape.

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