Perseus Mining (ASX:PRU) has increased its stake in Predictive Discovery (ASX:PDI), now totalling 19.9% of the company’s shares.
As part of funding the acquisition of this increased stake in Predictive, Perseus Mining has applied the proceeds raised from the unwinding of its previously announced cash settled equity swap position in Predictive.
Perseus Mining, which has a market capitalisation of $3.37 billion, says it has no current intention to acquire control or make a takeover offer for Predictive Discovery.
On 14 August 2024, Perseus Mining acquired a 13.82% interest in Predictive Discovery, as a strategic equity investment.
In conjunction, the company also has an economic interest in 3.45% of Predictive’s shares through cash settled equity swaps.
Predictive Discovery is an emerging explorer focused on discovering and developing gold deposits within the Siguiri Basin in Guinea.
Perseus Mining CEO Jeff Quartermaine says Predictive’s Bankan Gold Project is considered an attractive gold development project located in an area that has an increasing presence in the gold mining industry.
“Perseus continues to assess and, where considered commercially appropriate, deploy our significant cash and bullion that totalled US$587 million at 30 June 2024, to pursue opportunities that will deliver material growth,” Quartermaine says.
Perseus Mining is an African-focused gold company that discovers, acquires, and develops a portfolio of golf producing assets.
Write to Aaliyah Rogan at Mining.com.au
Images: Predictive Discovery
