Acquisition | KARORA RESOURCES INC | 5th August 2024
Initially announced on April 7, 2024, KARORA RESOURCES INC and WESTGOLD RESOURCES PTY agreed to combine, where WESTGOLD RESOURCES PTY will acquire all the outstanding shares of KARORA RESOURCES INC. Upon the completion of the Acquisition, KARORA shareholders will be entitled to receive, for each KARORA share held by them immediately prior to the Effective Time of the Acquisition, the Consideration consisting of: (i) CAD 0.608 in cash; (ii) 2.524 WESTGOLD shares; and (iii) 0.3 of a SpinCo share (CULICO METALS INC). CULICO METALS INC assets will be less than CAD25 Million following the arrangement, and there is no confirmation that TSXV listing will occur. KARORA shareholders approved the Acquisition on July 19, 2024. On July 25, 2024, the Ontario Superior Court of Justice in Canada approved the plan of arrangement, and satisfying certain other conditions, it is anticipated that the Acquisition will be completed on August 1, 2024. KARORA shares will cease trading on the TSX at market close on August 2, 2024.
The treatment below will be applied to the following indices:
- KARORA RESOURCES INC will be removed from the Index.
- The weight of KARORA RESOURCES INC (KRR.TO) based on its last close price will be distributed pro rata to remaining Index constituents.
- Effective Date (open): 05/08/2024
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- KARORA RESOURCES INC will be removed from the Index.
- The shares of WESTGOLD RESOURCES PTY LTD (WGX.AX) will be increased according to the stock terms of the transaction.
- The cash portion of the transaction will be distributed pro rata to remaining Index constituents.
- Effective Date (open): 05/08/2024
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