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.
Comments
Research Reports
Latest Multimedia
Latest News
Showroom
We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...
VISIT SHOWROOM
ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
