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West African gold producer scoops up Exore Resources for $60m
Gilbert + Tobin has advised on the $60 million acquisition of Exore Resources by a West African gold producer.
Emma Musgrave
Firm: Gilbert + Tobin
Value: $60 million
Area: M&A
Key players: The Gilbert + Tobin team was headed up by corporate advisory partner Sarah Turner, with support from lawyers Gabrielle Sumich and Wes Bainbridge. Ms Turner also called on the support of disputes and investigations partner Tim O'Leary and lawyer Jamie Ammendolea.
Deal significance: Perseus is described as a “multi-mine, multi-jurisdictional explorer, developer and producer of gold” with a solid track record of operating in West Africa.
According to a statement from Gilbert + Tobin, Exore and Perseus agreed to propose a scheme of arrangement in June 2020 under which the latter would acquire 100 per cent of the issued share capital of Exore in an all-share transaction by way of scheme of arrangement.
“The implied value of the scheme consideration represented an attractive premium over the pre-announcement trading price of Exore shares, being a 69 er cent premium to Exore’s last closing price of $0.062 on 2 June 2020," the statement explained.
Commenting further on the transaction, Ms Turner said: “We were delighted to be advising on the successful integration of two companies who had significant synergies with their operations and commercial objectives”.
“The transaction will mean substantial benefits for our client at a time of elevated gold prices, given Perseus’ established development and production capabilities and assets,” she added.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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