/NOT FOR DISTRIBUTION TO A UNITED STATES NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES/
TSX: PRU, ASX:PRU
PERTH, AUSTRALIA, Feb. 2 /CNW/ - Perseus Mining Limited (TSX: PRU, ASX: PRU) (the "Company" or "Perseus") is pleased to announce that the Toronto Stock Exchange (the "TSX") has approved the Company's ordinary shares for listing on the TSX. Perseus's ordinary shares will commence trading on the TSX on Wednesday, February 3, 2010. As a result, further to the Company's announcement of November 11, 2009, the 23.4 million subscription receipts previously issued by the Company are now deemed to be converted into 23.4 million ordinary shares with no further action required, or further consideration payable, by the subscription receipt holders.
On November 10, 2009, the Company issued 23.4 million subscription receipts (the "Subscription Receipts") at a price of C$1.46 per Subscription Receipt for aggregate gross proceeds of C$34.16 million (the "Offering"). The Offering was conducted by a syndicate of underwriters led by Cormark Securities Inc. ("Cormark") and included BGF Equities Pty Ltd., Clarus Securities Inc., Dundee Securities Corporation, BMO Nesbitt Burns Inc., CIBC World Markets Inc., GMP Securities LP and Rodman & Renshaw, LLC (collectively, the "Agents").
The conditions for the conversion of the Subscription Receipts having been satisfied, the proceeds of the Offering (less a commission payable to the Agents, equal to 6% of the gross proceeds of the Offering) will now be released to the Company.
The net proceeds of the Offering will be used towards development of the gold plant and infrastructure at the Company's flagship Central Ashanti Gold Project, all as more particularly described in the Company's final prospectus dated January 28, 2010. The Company anticipates commencing construction activities in early 2010 with gold production anticipated to commence during the third quarter of 2011.
The Board and management of Perseus are pleased that its shares will be listed for trading on the TSX, the world's pre-eminent stock exchange for mining enterprises, potentially attracting wider analyst coverage in the North American market.
The securities referred to herein have not been registered under the US Securities Act of 1933 and may not be offered or sold in the United States or to a US person absent registration or an applicable exemption from registration.
This news release contains forward-looking information within the meaning of applicable Canadian securities legislation. Specifically, this press release contains forward-looking statements relating to the use of proceeds of the Offering. The forward-looking statements are based on certain key expectations and assumptions made by Perseus, including assumptions concerning the timing of development, construction, and production from the Central Ashanti Gold Project, which expectations and assumptions management of Perseus believes to be reasonable at this time. Although Perseus believes that the expectations and assumptions on which such forward-looking statements are based are reasonable at the date of this news release, undue reliance should not be placed on the forward-looking statements and information as Perseus can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the proceeds of the Offering by Perseus may change if the board of directors of Perseus determines that it would be in the best interests of Perseus to apply the proceeds of the Offering for some other purpose. The forward-looking statements contained in this news release are made as of the date hereof and Perseus undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Perseus Mining Limited
For further information: For further information: 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, Email address: firstname.lastname@example.org, Website: www.perseusmining.com