The shares were sold at a price of C$1.86 each. Credit: Hans Wismeijer / Shutterstock.

Perseus Mining has offloaded 33 million common shares in Montage Gold, a gold exploration and development company, to BMO Nesbitt Burns (BMO).

The shares were sold for C$1.86 each.

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The sale of Montage shares was completed via a bought deal, yielding net proceeds of C$61.3m ($45m).

Perseus acquired the Montage shares as part of its acquisition of Orca Gold.

Orca’s key asset was a 70% interest in the Block 14 gold project, since renamed the Meyas Sands gold project, in Sudan. Perseus regarded its shareholding in Montage as non-core.

Perseus will utilise the proceeds from the Montage share sale to strengthen its balance sheet.

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This follows its recent $57.9m acquisition of a stake in Predictive Discovery, which owns the Bankan gold project in Guinea.

Perseus chairperson and CEO Jeff Quartermaine said: “We are very pleased to have successfully completed the sale of the Montage shareholding at a price that will largely offset the cost of our recent acquisition of a strategic stake in Predictive’s Bankan gold project, which we believe is a potentially attractive gold development project.”

Perseus Mining is an Australian mining company with operations at three gold mines in Africa.

In April 2024, Perseus declared that its off-market bid for OreCorp is now unconditional and will stand as its best and final offer, unless a competing bid is received.

The updated proposal exceeded the initial cash offer of A$0.55, valuing the transaction at A$258m.

OreCorp accepted Perseus’s proposal as superior and noted that unless Silvercorp makes any revisions, it will advise its shareholders to accept the offer.