Mining firm Perseus Mining said it will raise AU$102 million (about $76 million) to finance its Sissingué and Yaouré projects in Cote d’Ivoire. Of this sum, AU$61 million (about $40 million) will be raised by placing 122 million shares at AU$0.5 a share while the rest will be obtained through an open offer.

The company also indicated that it would use $40 million from the proceeds to develop its Sissingué project, $16 million to complete definitive feasibility study for the Yaouré project which it recently acquired from Amara Mining. Remaining $19 million will be used as operating funds, and finance exploration and other activities.

Perseus plans to produce at Sissingué 75,000 oz of gold per year, throughout the mine’s life. Regarding Yaouré’s definitive feasibility study, the company plans to complete it by mid-July 2017.

Besides these two projects, Perseus Mining owns in Ghana the Edikan mine where it plans to produce 222,000 oz throughout the rest of the mine’s life, 7 and a half years.

Louis-Nino Kansoun