On August 1, 2024, Westgold Resources Limited and Karora Resources Inc. announced the completion of the merger of Westgold and Karora to create a leading mid-tier gold producer and international gold company expected to be dual listed on the Australian Securities Exchange (ASX) and Toronto Stock Exchange (TSX).
The deal is valued at $1.1 billion, with shareholders of Karora receiving 2.524 ordinary shares of Westgold, $0.61 in cash, and 0.30 of a share in the new company. Westgold shareholders hold 50.1 percent of the combined company and former Karora shareholders own 49.9 percent.
Stikeman Elliott LLP acted as the Canadian legal advisor to Westgold with a team that includes Victor Gerchikov, Michael Stewart, Ben Schach, Brendan Kennedy, Shreeya Handa (Corporate), Gordon Masson (Tax), Paige Zambonelli, Alexander Bonner, Sean Simmons (Articling Students) and Melanie Ware (Corporate Paralegal).
Thomson Geer acted as Australian legal advisor and Argonaut PCF as financial advisor to Westgold.
Bennett Jones LLP and HopgoodGanim acted as Canadian and Australian legal counsel, respectively, to Karora, with Cormark Securities Inc., CIBC World Markets Inc., Desjardins Capital Markets and Haywood Securities Inc. as financial advisors.