06:58 AM EDT, 04/08/2024 (MT Newswires) -- Perseus Mining Limited ( PMNXF ) , which saw its shares gain 4% last Friday, said overnight Sunday that its off-market takeover bid for all ordinary shares in OreCorp Limied is now "unconditional and best and final."

In the absence of a competing proposal, Perseus will not increase the current offer consideration of $0.575 per share. It has also declared the offer free of all conditions.

In addition, Perseus has accelerated the payment terms for the offer consideration. All OreCorp shareholders who have accepted the offer will be issued the consideration within seven business days. Those who have not accepted will be paid the consideration within seven business days of accepting.

As of April 5, Perseus had a relevant interest in 239,542,398 OreCorp shares, representing 51.03% of OreCorp shares on issue.

The company noted that OreCorp announced it is actively working with Perseus to transition the OreCorp board and management team. Perseus intends to appoint representatives to the board and management team. A number of current OreCorp board members will also step down.

Upon implementation of the changes, the majority of directors on the OreCorp board will be Perseus nominees.

Separately, Perseus said its COO David Schummer has resigned, effective Sept. 30, to pursue employment opportunities nearer to his family in North America.

The company will begin the process to select a new COO immediately.

Perseus Mining ( PMNXF ) is a mid-tier, African-focused gold producer, developer and explorer.