Perseus Mining to raise over US$128m for Ghana project

Perseus Mining Ltd., one of the Australian mining companies operating in Ghana intends to raise about 138.6 million Australian dollars, approximately US$128 million to strengthen its balance sheet ahead of its first gold production in Ghana in 2011.

The company said in a statement that a syndicate of Toronto-based underwriters had agreed to buy and sell to the public. There will be 44 million Perseus shares at a price of 1.92 Australian dollars.

The underwriters also have the option to buy up to an additional 66.6 million Perseus shares worth $CAD91.08 million ($A97.09 million), the statement added.

The underwriters comprise Cormark Securities Inc, Clarus Securities Inc, BMO Nesbitt Burns Inc, CIBC World Markets Inc, and Dundee Securities Corporation.

By Emmanuel K. Dogbevi