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Westgold Completes Merger with Karora Resources
Westgold Resources Limited (ASX:WGX) and Karora Resources Inc. (TSX:KRR) have completed their merger pursuant to which Westgold acquired all of the shares of Karora for a combination of cash and stock, pursuant to a court‐approved plan of arrangement under the Canada Business Corporations Act.
The transaction also involved the spin-out of certain assets of Karora, including cash, a minority stake in Kali Metals Limited (ASX:KM1) and a 1% lithium royalty on certain mining interests held by Kali, into a new SpinCo wholly-owned by former Karora shareholders.
The combined entity will establish a top-5 Australian gold producer with a market cap of A$2.5 billion (~C$2.3 billion), dual-listed on the ASX and TSX and operating exclusively in Western Australia.
Desjardins Capital Markets provided a fairness opinion to the special committee of the board of directors of Karora in connection with the transaction. Wildeboer Dellelce LLP acted as legal counsel to Desjardins with a team consisting of Michael Rennie (corporate/securities; mining, energy & natural resources).
Full details can be found here.
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