OreCorp Limited (OreCorp or the Company) (ASX: ORR) has become aware of a media report in Tanzania that senior Australian representatives from Perseus Mining Limited (Perseus) have recently held discussions in Tanzania with representatives from the Tanzania Ministry of Minerals regarding Perseus' investment in OreCorp's Nyanzaga Gold Project (Nyanzaga).
The media report advises that several matters have been discussed, including taxes, royalties and import duties. Perseus currently holds 19.9% of OreCorp's share capital. Perseus previously advised OreCorp confidentially of its proposal to travel to Tanzania to introduce Perseus, as OreCorp's largest shareholder to the Minister responsible for mining in Tanzania and other government officials. Previously, Perseus also confidentially expressed its interest in exploring potential funding structures with OreCorp to support the development of Nyanzaga, but did not provide any further details on the form such funding may take. OreCorp confirms that it has not participated in any discussions between Perseus and any Tanzanian government officials. Further, the OreCorp Board confirms that it is not currently in receipt of any proposal from Perseus to acquire all of the issued shares in OreCorp. The off-market takeover offer made by Silvercorp Metals Inc. (Silvercorp) for all of the OreCorp shares not already owned by Silvercorp (Silvercorp Offer) is open for acceptance and is being made pursuant to the replacement Bidder's Statement dated 16 January 2024 which is currently being despatched to OreCorp shareholders.
The OreCorp Board continues to unanimously recommend that OreCorp shareholders ACCEPT the Silvercorp Offer in the absence of a Superior Proposal and subject to the Independent Expert's Report concluding, and continuing to conclude, that the Silvercorp Offer is reasonable to OreCorp shareholders. Shareholders are encouraged to read Silvercorp's replacement Bidder's Statement, as well as OreCorp's Target's Statement once it is released, carefully and in their entirety to assist in making an informed decision with respect to the Silvercorp Offer. The Company shall continue to provide further information to shareholders in accordance with its continuous disclosure obligations.
Contact:
Tel: 0402 347 032
ABOUT ORECORP LIMITED
OreCorp Limited is a Western Australian based mining development company listed on the Australian Securities Exchange (ASX) under the code 'ORR'. OreCorp's key project is the Nyanzaga Gold Project in northwest Tanzania.
FORWARD-LOOKING STATEMENTS
This announcement may contain certain forward-looking statements, guidance, forecasts, estimates, prospects and projections in relation to future matters that may involve risks or uncertainties and may involve significant items of subjective judgement and assumptions of future events, which as at the date of this announcement are considered reasonable, that may or may not eventuate (Forward-Looking Statements). Forward-Looking Statements can generally be identified by the use of forward-looking words such as, 'anticipates', 'estimates' 'will', 'should', 'could', 'may', 'expects', 'plans', 'forecast', 'target' or similar expressions and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and expected costs. Indications of, and guidance on future earnings, cash flows, costs, financial position and performance are also Forward-Looking Statements. Persons reading this announcement are cautioned that such statements are only predictions, and that actual future results or performance may be materially different. Forward-Looking Statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change, without notice, as are statements about market and industry trends, which are based on interpretation of current market conditions. Forward Looking Statements are provided as a general guide only and should not be relied on as a guarantee of future performance. No representation or warranty, express or implied, is made by OreCorp that any Forward-Looking Statement will be achieved or proved to be correct. Further, OreCorp disclaims any intent or obligations to update or revise any Forward-Looking Statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law
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