Westgold Resources (ASX: WGX)
Updated in relation to the proposal to acquire 100% of the issued and outstanding common shares of Karora Resources Inc. by way of a court-approved plan of arrangement under the Canada Business Corporations Act.
On 17 July 2024, Westgold received written confirmation from the FIRB that the AustralianGovernment has no objection to the Transaction under the Foreign Acquisitions and Takeovers Act 1975.
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| Karora Resources | TSX: KRR |
| Stage | Production + Development + Exploration |
| Metals | Gold + Nickel |
| Market cap | C$1.23 Billion @ C$6.89 |
| Location | Kalgoorlie, Western Australia |
| Website | karoraresources.com |
FIRB Approval Received for Westgold and Karora Transaction
Westgold Resources Limited (ASX: WGX, OTCQX: WGXRF – Westgold or the Company) provides the following update in relation to the proposal to acquire 100% of the issued and outstanding common shares of Karora Resources Inc. (Karora) by way of a court-approved plan of arrangement under the Canada Business Corporations Act (Transaction).
On 17 July 2024, Westgold received written confirmation from the Foreign Investment Review Board (FIRB) that the Australian Commonwealth Government has no objection to the Transaction under the Foreign Acquisitions and Takeovers Act 1975 (Cth).
The FIRB approval condition contained in the definitive Arrangement Agreement between Westgold and Karora in respect of the Transaction has now been satisfied.
Pending approval by Karora shareholders at Karora’s upcoming annual general and special meeting of shareholders on 19 July 2024 and final court orders, Westgold targets completion of the Transaction on or about 31 July 2024.
The Transaction has been unanimously approved by the respective boards of directors of Westgold and Karora.
The Karora board of directors (Karora Board) has unanimously determined that the Transaction is in the best interests of Karora and is fair to Karora shareholders.
Accordingly, Westgold’s offer to acquire Karora pursuant to the Transaction is unanimously recommended by the Karora Board. All directors and senior officers of Karora entered into agreements with Westgold to vote in favour of the Transaction.
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Indicative Timetable
Event / Action Indicative Timing (Toronto)
Karora shareholder Meeting 19 July 2024
Final order court hearing 24 July 2024
Complete Transaction 31 July 2024
This announcement is authorised for release to the ASX by the Board.
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.To View Westgold’s historical news, please click here
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To read the full news release, please click HERE
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Disclosure
At the time of writing the author holds shares in Karora Resources.
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