Westgold completes demerger of noncore assets to new Australian miner Valiant
Dual-listed Westgold Resources on Friday reported that it had completed the divestment of its Reedy project and Comet project to newly formed Valiant Gold, as part of a strategy to separate noncore assets.
The demerger coincides with Valiant’s initial public offering (IPO), which raised A$75-million before costs and was significantly oversubscribed, reflecting strong investor demand for the new Australian gold company.
Valiant has applied for admission to the official list of the ASX, with listing subject to the exchange’s final approval conditions.
Settlement of the IPO is scheduled for March 18, with shares expected to be issued on March 19 and holding statements dispatched on March 20.
Trading of Valiant shares on the ASX is expected to begin on March 27 on a normal settlement basis.
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