The financing includes a $40 million project debt facility that will be used to finance the completion of the development of the Sissingué Gold Mine. As of March 10, 2017, Sissingué’s forecast cost to complete was approximately $64 million and this will be funded by a combination of Perseus’ internal cash resources and the project loan provided by Macquarie.
A second $20 million debt facility has been offered to Perseus’s Ghanaian subsidiary, Perseus Mining (Ghana), and will be used as required to provide general working capital over the next twelve months while production at the Edikan Gold Mine (Edikan) is ramping up and Perseus’s corporate cash resources are being applied to fund Sissingué as well as exploration and corporate expenses.
Perseus’s CEO and Managing Director Jeff Quartermaine said, “We are very pleased to have reached agreement with Macquarie Bank on the $60 million of debt facilities announced today. Accessing the funding required to finance our corporate growth strategy, without recourse to the equity capital markets, is a very positive and important step forward for Perseus on its path to transforming into a multi-mine, mid-tier gold mining company.”