Northern Star’s De Grey acquisition becomes effective
Australian gold miner Northern Star Resources’ proposed acquisition of gold developer De Grey Mining has cleared its final legal hurdle, with the Federal Court of Australia approving the scheme of arrangement earlier this week.
De Grey announced Wednesday that it had lodged the court orders with the Australian Securities and Investments Commission, making the scheme legally effective. Trading in De Grey shares will be suspended at the close of trading today on the ASX.
The acquisition, first unveiled in February, will see Northern Star take full ownership of De Grey, consolidating its position in Western Australia’s resource-rich Pilbara region. The deal includes De Grey’s flagship Hemi gold project, considered one of the most significant undeveloped gold discoveries in Australia in recent years.
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