Westgold Resources (ASX:WGX) has begun trading shares on the Toronto Stock Exchange (TSX) under the ticker WGX after completing its merger with Karora Resources.
The TSX — part of TMX Group (TSX:X) — is headquartered in Toronto, Ontario, and is the 10th largest exchange in the world, and the third largest in North America.
Shares in Karora were de-listed from the TSX on 2 August, and Westgold has applied for Karora to cease being a reporting issuer under Canadian securities law.
According to the terms of the merger, Karora shareholders were offered 2.524 Westgold shares, $0.68 cash, and 0.3 of a share in a new spin-out company, Culico Metals, for each Karora share held.
Westgold CEO Wayne Bramwell says the merger created an ASX- and TSX-listed mid-tier gold producer with international appeal.
“The TSX:WGX listing provides increased liquidity and brings a (more than) 400,000 ounce producer to a broader investor base,” Bramwell says.
“The listing also sees potential demand from index funds tracking the GDX, and GDXJ. Westgold is now positioned as a leading intermediate gold producer in Canada and a top five producer in Australia.”
Westgold Resources has more than 3,200km2 of tenure, and operates six underground mines and five processing plants with an installed processing capacity of 6.6 million tonnes per year.
The company is exhibiting at the Diggers & Dealers Mining Forum is being held in Kalgoorlie, Western Australia from 5-7 August. Mining.com.au is also attending this year’s forum.
Write to Aaliyah Rogan at Mining.com.au
Images: Westgold Resources
