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Excelsior and Spitfire merger complete

3rd October 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The merger agreement between ASX-listed Excelsior Gold and Spitfire Materials has been implemented, following Federal Court approval, and the approval of Excelsior shareholders.

Under the terms of the agreement, Spitfire has now acquired all of the issued capital of Excelsior by issuing one new Spitfire share for every 2.208 Excelsior shares held, making Excelsior a wholly-owned subsidiary of Spitfire.

The transaction valued Excelsior shares at 4.43c a share based on the 30-day volume-weighted average price of Spitfire shares.

“This marks the beginning of an exciting new chapter for Spitfire and Excelsior in the North Kalgoorlie region. We intend to hit the ground running, building on the extensive work which has been completed over the last few months within both companies,” said Spitfire MD John Young.

A resource and project update is expected for the combined Bardoc gold project, as well as a prefeasibility study.

The merged entity has a combined indicated and inferred mineral resource inventory of more than 2.1-million ounces, which will provide the critical mass required to accelerate development plans with the aim of becoming a recognised midtier gold producer.

Edited by Creamer Media Reporter

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