Westgold to Acquire Karora Resources in Canada

The merged entity will have an annual gold production capacity of 400,000oz.

SEATTLE (Scrap Monster): Australian gold producer and explorer Westgold Resources has announced a definitive arrangement agreement to acquire all shares of Karora Resources, creating a mid-tier gold miner with a market capitalisation of around A$2.2bn ($1.4bn).  

The acquisition is set to establish a diversified gold company focused on Western Australia (WA), featuring a comprehensive portfolio of exploration, development and production assets.

The merged entity will have an annual gold production capacity of 400,000oz.

The transaction will be executed through a statutory plan of arrangement under the Canada Business Corporations Act (CBCA).

As per the terms of the agreement, Karora shareholders will receive a multifaceted offer for each share they hold.

Courtesy: www.mining-technology.com

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