GWR to spin out gold project
PERTH (miningweekly.com) – ASX-listed GWR Group on Tuesday announced plans to demerge its subsidiary Western Gold Resources, which holds the Wiluna West gold project, in Western Australia, and to list this company in an initial public offering (IPO).
“With GWR’s Wiluna West iron-ore now delivering revenue, we believe the time is right to take advantage of the buoyant gold price and spin out our highly prospective gold asset while rewarding our loyal shareholders with an in-specie distribution,” said GWR chairperson Gary Lyons.
“We believe the Wiluna West gold asset will attract better investor attention and valuation in a standalone entity, while GWR can focus on the development of its remaining assets.
“Given the quality of the Wiluna West gold project and the minimal work undertaken in recent years, we expect that Western Gold Resources will attract the level of capital required to aggressively and systematically explore the 22 km of Joyners Find greenstone belt while also advancing the brownfields resources.”
Wiluna West is currently estimated to host some 4.57-million tonnes of resource, grading 2 g/t gold for 293 000 oz of contained gold.
GWR is expected to convene a general meeting shortly to allow shareholders to vote on a reduction in the company’s issued capital through a pro-rata in-specie distribution of all the shares currently on issue in Western Gold Resources to eligible GWR shareholders.
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