Fortuna completes acquisition of Chesser Resources

Fortuna has acquired 100% of the fully paid ordinary shares of Chesser in consideration for 0.0248 of one common share of Fortuna for each Chesser Share held. On closing, Fortuna issued 15 545 368 Fortuna Shares in exchange for the Chesser Shares, representing approximately 5.1% of the resulting issued and outstanding Fortuna Shares on an undiluted basis. The transaction was implemented by way of a statutory scheme of arrangement pursuant to Part 5.1 of the Australian Corporations Act 2001 (Cth). Following completion of the transaction, Chesser is a wholly-owned subsidiary of Fortuna. The Chesser Shares are expected to be delisted from the ASX within one to two business days.

The acquisition of Chesser expands Fortuna’s presence in West Africa to include the preliminary economic assessment stage Diamba Sud Gold Project in Senegal, a new and emerging gold discovery in the region. Chesser holds tenements in Senegal covering approximately 872 km² of prospective ground located close to, and sharing similar geological features with nearby tier one gold mines. Diamba Sud is comprised of four opencast high grade gold deposits, along with numerous anomalies yet to be tested. Fortuna will prioritise exploration to expand the mineral resource at Diamba Sud before advancing the project to the development stage.

Jorge A. Ganoza, President and CEO of Fortuna, comments:

“With the acquisition of Chesser, Fortuna continues to strengthen its presence in West Africa. Senegal is a mining friendly and highly prospective jurisdiction, and we are excited about the growth potential that Chesser’s Diamba Sud Gold Project provides.

“We look forward to integrating Diamba Sud into our global portfolio, focusing on exploration to unlock value, and partnering with the local communities and stakeholders as we continue to advance the project.”

Read the article online at: https://www.globalminingreview.com/finance-business/27092023/fortuna-completes-acquisition-of-chesser-resources/