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).
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.
