Final approval for Westgold-Karora merger

Karora and Westgold expect the merger to create a dual ASX and TSX listed top 5 Australian gold producer.
Karora and Westgold expect the merger to create a dual ASX and TSX listed top 5 Australian gold producer.

Westgold Resources (ASX: WGX) has received final approval for its acquisition of Karora Resources, following a final order from the Ontario Superior Court of Justice in Canada.

The merger was previously approved by the foreign investment review board (FIRB) on July 17 and Karora shareholders on July 19.

The transaction is expected to become effective on August 1, with Karora shareholders receiving 1.524 Westgold shares, $0.67 (C$0.608) in cash and .3 of a share of Culico Metals for every Karora share held at the effective time.

Westgold expects Karora shares to cease trading at TSX market close on August 2 with Westgold shares commencing trading at TSX market open on August 6.

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