Perseus Mining Limited (ASX:PRU) is in a trading halt pending an announcement regarding the potential underwriting of warrants expiring on April 19, 2019.
The company, which has operating gold projects in West Africa, expects to announce the details of the underwriting before or on April 15, 2019, and is not aware of any reason why a trading halt should not be granted.
Perseus securities last traded at 48.5 cents.
Earlier this month, the company accepted a Committed Letter of Offer from three leading international banks to provide a US$150 million corporate debt facility to develop its third gold mine, the Yaoure Gold Mine in Cote d’lvoire, at an estimated cost of US$265 million.
Perseus managing director and CEO Jeff Quartermaine said: “The agreement on the terms of the debt facility with our banking syndicate was a critical step that needed to be completed to enable the development of the Yaoure Gold Mine.
“Perseus acquired Amara Mining plc in April 2016 with the specific object of developing Yaoure which was then considered one of the best undeveloped gold resources in West Africa.
“Since acquiring the project, our technical teams have validated our original belief and methodically created a compelling commercial case to develop the gold mine.”
The company met its expectation during the March quarter with gold production from its two West African mines, Edikan and Sissingue, of 67,144 ounces, 5% more than in the corresponding 2018 quarter.
This comprised 44,680 ounces from the Edikan mine in Ghana and 22,464 ounces of gold from the Sissingue mine in Cote d’lvoire.