Perseus subsidiary sells interest in Sudan project
ASX-listed Perseus Mining’s wholly owned subsidiary, Perseus Sudan Holdings, has signed a share purchase agreement (SPA) to sell its 70% interest in the Meyas Sand project (MSGP), in Sudan, to Hong Kong Matrix Golden Fortune Mining for $260-million in cash.
The purchase price comprises a $10-million deposit, which was received on signing of the SPA and a payment of $250-million payable on completion of the transaction, which is expected to occur on April 22.
Perseus acquired the MSGP through the acquisition of TSX-V-listed Orca Gold in May 2022.
Perseus says the purchase price to be received from the buyer ensures Perseus recovers its cost of buying the project, as well as its expenditure on the project with a book gain.
The company explains that this transaction comes post a lengthy review of the MSGP, which included consideration of both development and divestment options.
“Perseus has formed the view that divestment of the MSGP is the best option for Perseus at this time. Divestment of the MSGP allows for the re-allocation of internal resources to Perseus’s existing internal development opportunities.
“Proceeds will further strengthen Perseus superior balance sheet along with consideration of additional capital returns to shareholders,” the company says.
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