Southern Cross Gold to dual list in Canada

Southern Cross Gold (ASX:SXG) is planning to dual-list on a Canadian stock exchange.

Southern Cross was listed via an initial public offering (IPO) on the ASX on 16 May 2022 via a spin out of assets from Mawson Gold Ltd. As of 12 March 2024, it has more than 184 million issued and outstanding shares of which Mawson owns 93.750 million or 51% of SXG.

Mawson has announced its intention to in-specie distribute the SXG shares to individual Mawson shareholders after an ASX vendor escrow ends on 16 May, subject to the receipt of all necessary approvals, including regulatory, court and Mawson shareholder approvals.

SXG plans to coincide the dual listing with the in-specie distribution of SXG shares by Mawson. The planned distribution of SXG shares to Mawson shareholders will be facilitated by a Canadian dual listing, Southern Cross notes.

The distribution will not result in a change in the number of SXG shares issued and outstanding. It is anticipated that SXG will also become a reporting issuer in Canada, upon completion of its dual listing.

Managing Director Michael Hudson says Canadian exchanges are home to more than 40% of the world’s public mining companies. 

“A dual listing by SXG in both Australia and Canada will provide direct exposure to a diverse class of global investors, including those North American investors who have over the last 7 years directly benefited from the huge capital growth that has come from the Victorian goldfields. 

Additionally, a dual listing will greatly facilitate the planned distribution of Mawson’s 51% SXG shareholding to North American-domiciled shareholders at the start of Q3 2024.”

It is expected that Southern Cross will become a reporting issuer in Canada, upon completing the dual listing. 

Mawson Gold is a gold and uranium explorer focused in tier one mining jurisdictions in Sweden. 

Southern Cross Gold is a gold-focused explorer with assets in the Victorian Goldfields. 

As of 31 December 2023, the company had $7.952 million cash and cash equivalents at hand, according to its latest quarterly report. 

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Images: Southern Cross Gold
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.