Mawson subsidiary SXG to dual list in Canada
Southern Cross Gold (SXG), a subsidiary of TSX-V-listed Mawson Gold, has announced its intention to dual list in Canada.
SXG was listed via an initial public offering on the ASX in May 2022 through the spin-out of Australian assets from Mawson.
SXG currently has 184 040 623 issued and outstanding shares of which Mawson owns 93 750 000, or 51%. Mawson has announced it will in-specie distribute the SXG shares to individual Mawson shareholders after an ASX vendor escrow ends in May 2024.
The dual listing will coincide with the in-specie distribution of SXG shares by Mawson.
“Canadian exchanges are home to over 40% of the world’s public mining companies. A dual listing by SXG in both Australia and Canada will provide direct exposure to a diverse class of global investors, including those North American investors who have over the last seven years directly benefited from the huge capital growth that has come from the Victorian goldfields.
“Additionally, a dual listing will greatly facilitate the planned distribution of Mawson’s 51% SXG shareholding to North American-domiciled shareholders at the start of the third quarter of 2024. This will leave SXG well positioned to become both a recognised growth and high-grade gold story across both the Australian and North American markets,” said Southern Cross MD Michael Hudson.
With about 70% of SXG’s shareholder base located offshore, it is believed that the dual Australian-Canadian listing will be the most efficient means to allow both Australian and North American investors to be exposed to the exciting SXG growth and high-grade gold story.
The North American market has been the prime benefactor of capital increases that have come from the rebirth of the Victoria goldfields in Australia.
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