Karora shareholders approve Westgold transaction
Shareholders in Karora Resources have overwhelmingly approved the merger with Westgold, which is now set to complete the transaction over the coming weeks.
At the Karora meeting on Friday, 99% of votes recorded were in favour of the transaction to create a 400 000 oz/y Australian gold mining company.
With almost all conditions precedent to the transaction now satisfied, completion remains contingent on the receipt of a final order from the Ontario Superior Court of Justice. The hearing is expected on July 24.
Westgold expects to complete the transaction on August 1.
“The overwhelming support for this merger from Karora shareholders confirms their support for the independently verified value and the compelling commercial rationale behind this transaction,” said Westgold MD and CEO Wayne Bramwell on Monday
“With the integration of the Karora team and assets, the expanded Westgold has two strategic footprints across two of Western Australia’s most prolific goldfields. The combination creates the foundations of a new Australian gold mining powerhouse that is focused on free cash generation, shareholder returns and building a long-term sustainable business for its shareholders, stakeholders and staff.”
In terms of the transaction, announced in April, Karora shareholders will receive 2.524 shares, complemented by A$0.68 a share in cash and 0.30 a share in a new company to be spun off from Karora. The new entity will incorporate Karora’s shareholding in lithium explorer Kali Metals and a 1% royalty on specified mining interests.
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