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Cortona Resources, Unity Mining merger approved

9th January 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) - The Federal Court of Australia has given its approval for the merger between ASX-listed Cortona Resources and Unity Mining, paving the way for the scheme of arrangement to become effective.

In September last year, Cortona and Unity announced their intention to create a 100 000 oz/y producer by combining Unity’s operating Henty gold mine, in Tasmania, with Cortona’s near-term Dargues Reef project, in New South Wales.

The merged entity would have a market capitalisation of around A$90-million and a balance sheet of some A$40-million, with zero debt.

Cortona said on Wednesday that an application would now be made for the admission of new Unity shares to start trading on the ASX, with trade expected to start on January 24.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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