Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

White Rock Minerals to become a high-grade Victorian gold explorer following entering into a binding merger implementation deed with AuStar Gold

% of readers think this story is Fact. Add your two cents.


White Rock Minerals Ltd (ASX:WRM) is set to become a high-grade Victorian gold explorer and production folling entering into a binding merger implementation deed (MID) with AuStar Gold Ltd (ASX:AUL), enabling WRM to acquire 100% of the issued capital of AUL through a scheme of arrangement between the two companies and their shareholders.

The Scheme consideration is to be paid in the form of shares in White Rock with each AuStar Gold shareholder receiving 0.78 White Rock shares for each AuStar Gold share held.

This implies a price of 43.5 cents per AuStar Gold share on issue and is based on the 1-month VWAP AuStar Gold share price of 27.8cps and the 1-month VWAP White Rock share price of 55.7cps (as at the close of trading on February 2, 2021).

The merged group, which will retain the name ‘White Rock Minerals Ltd’, will be a substantially enlarged, diversified gold explorer and producer with a world-class portfolio of assets spanning the bulk of the high-grade Victorian Walhalla-Woods Point gold belt, the large Red Mountain (Alaska) Silver-Zinc-GoldLead VMS and Last Chance Gold IRGS project and the advanced pre-development stage Mount Carrington gold-silver project located in New South Wales.

“Closer to being a producer”

White Rock Minerals chairman Peter Lester said: “White Rock is delighted with the prospect of adding high potential Victorian gold exploration, including a modest production base, in one of Victoria’s most prolific historical gold production regions to its portfolio.

“With the Morning Star mine and processing plant in place, Austar will also move White Rock closer to being a producer and open up exposure to the growing Victorian exploration and mining scene which has enjoyed a considerable resurgence in recent times.

“The combination of our two companies and the pursuit of the new opportunities in Victoria will add to the 2021 programs already in place for White Rock’s exiting assets in Alaska, and provide greater opportunity for growth for both groups of shareholders.”

Key benefits to White Rock shareholders

Benefits to shareholders include the following:

  • Shareholders will gain exposure to the significant exploration potential and interest that currents exists in the Victorian goldfields area;
  • The significant exploration potential of the Victorian land package offers a counter-cyclical and news flow opportunity to its highly prospective but northern hemisphere Alaskan project at Red Mountain;
  • White Rock will join the league of Australian gold producers, the goal for many a small Junior exploration company;
  • The merged group will have a larger and more diverse asset portfolio, covering two first world jurisdictions (the USA and Australia), and gold, silver and zinc, all with JORC Resources; and
  • The merged group is expected to have enhanced access to new investment and other opportunities through its increased size, stronger financial capability and diversified shareholder base.

AuStar Gold director Paul Mcnally said: “I am extremely pleased to be announcing this transaction, which delivers for AuStar Gold shareholders a certain path forward to accelerated activity on the Company’s world-class Victorian gold tenements, as well as the benefit of exposure to White Rock’s high-potential exploration and development assets in Alaska and New South Wales.” 

“Such an acquisition comes rarely”

White Rock technical advisor Dr Quinton Hennigh said: “As the acquisition is not expected to significantly impact White Rock’s current exploration momentum in Alaska, it gives White Rock shareholders exposure to a potentially high-value year-round exploration asset in one of the most prolific gold belts on earth.

“Along with this comes the element of production at Morning Star which White Rock plans to ramp up to underpin White Rock’s cash flow going forward.

“Such an acquisition opportunity comes along rarely and is expected to help White Rock build a solid foundation upon which to grow.”

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/940227/white-rock-minerals-to-become-a-high-grade-victorian-gold-explorer-following-entering-into-a-binding-merger-implementation-deed-with-austar-gold-940227.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST


Order by Phone at 888-809-8385 or online at https://www.herbanomic.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.