Valiant lodges prospectus for IPO, offers priority allocation to Westgold shareholders
Midtier gold producer Westgold Resources has announced that Valiant Gold has lodged its prospectus with the Australian Securities and Investments Commission and the ASX for a proposed A$65-million to A$75-million initial public offering (IPO).
Valiant, to be listed under the proposed ASX code VAL, is targeting a late March 2026 listing and will emerge as a standalone gold company focused on the Reedy and Comet projects in Western Australia’s Murchison region.
The IPO comprises a priority offer to eligible Westgold shareholders to raise about A$20-million, alongside an institutional offer and broker firm offer targeting A$45-million to A$55-million.
Valiant was established as an indirect wholly-owned subsidiary of Westgold to facilitate the demerger of the Reedy and Comet projects. In December, Westgold subsidiary Big Bell Gold Operations entered into an asset sale agreement with Valiant, under which the projects will be transferred in exchange for 240-million Valiant shares at a deemed issue price of A$0.25 each.
On completion of the IPO and demerger, Westgold is expected to retain a shareholding of about 44% to 48%, depending on final allocations. That stake will be subject to a compulsory 24-month escrow period from first quotation.
Westgold MD and CEO Wayne Bramwell said the spin-out would allow the company to crystallise value from smaller assets not included in its current three-year outlook.
“The creation of Valiant Gold provides Westgold the opportunity to realise value from smaller, high-quality assets that are not included in our three-year outlook."
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