Perseus Mining Limited Announces Closing of C$12.2 Million Over-Allotment



PERTH, Western Australia, Nov. 14, 2011 /CNW/ - Perseus Mining Limited ("Perseus" or the "Company") (TSX & ASX:PRU) announces the closing of the issue of an additional 3,750,000 ordinary shares at a price of C$3.25 per share, for gross proceeds of C$12,187,500 pursuant to the exercise of the over-allotment option (the "Over-Allotment Option") granted by the Company to a syndicate of underwriters co-led by Clarus Securities Inc., Dundee Securities Ltd. and CIBC World Markets Inc. which included Macquarie Capital Markets Canada Ltd., BMO Nesbitt Burns Inc., Cormark Securities Inc. and Canaccord Genuity Corp. (collectively, the "Underwriters"). The Over-Allotment Option was granted to the Underwriters in connection with the Company's public offering of 25,000,000 ordinary shares at a price of C$3.25 per share (the "Offering"), which closed on November 2, 2011. The total gross proceeds raised pursuant to the Offering and the Over-Allotment Option was C$93,437,500.

The proceeds of the Offering and the Over-Allotment Option will be applied towards development of the Sissingue gold deposit at the Tengréla Gold Project.

This news release does not constitute an offer to sell nor the solicitation of an offer to buy any securities. The ordinary shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws. Accordingly, the ordinary shares may not be offered or sold in the United States or to, or for the account or benefit of, any U.S. persons (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws or unless an exemption from the registration requirements is available. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the issuer and its management, as well as financial statements.

Caution Regarding Forward-Looking Information

This press release contains forward-looking information which is based on assumptions and judgments of management regarding future events and results. Such forward-looking information includes but is not limited to information with respect to the use of proceeds of the Offering and the Over-Allotment Option.  In making and providing the forward-looking information included in this new release, the Company has made numerous assumptions.  These assumptions include among other things: the price of gold, that the Edikan Gold Mine will achieve commercial production without material delay, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Although management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate.  Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, those discussed in the short form prospectus of the Company dated October 26, 2011 and include the following (i) risks related to the Company's compliance with restrictions and covenants in its credit agreement; (ii) risks related to the price of gold; (iii) the risk that commercial production at the Edikan Gold Mine is materially delayed; (iv) risks related to the potential development of the Tengréla Gold Project; (v) risks related to capital cost increases at the Edikan Gold Mine; (vii) risks associated with the availability of additional financing as and when required; (viii) the risk of unrest and political instability in West Africa; (ix) the risk associated with negative operating cash flow; * risks related to the renewal of the Tengréla exploration permits; (xi) risks related to global economic conditions; and (xii) risks related to the discretion afforded the Company in the use of proceeds of the Offering.  Forward-looking information contained herein are made as of the date of this news release based on the opinions and estimates of management on the date statements containing such forward looking information are made, and the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.  Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

SOURCE Perseus Mining Limited

For further information:

Mark Calderwood, Managing Director

Perseus Mining Limited
ABN 27 106 808 986
30 Ledgar Road, Balcatta, Western Australia 6021 PO Box 717 Balcatta WA 6914
Telephone: (618) 9240 6344
Facsimile: (618) 9240 2406

Profil de l'entreprise

Perseus Mining Limited

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