PERTH (miningweekly.com) – The Supreme Court of British Columbia has granted final approval for the merger between ASX-listed Kingston Resources and Canada’s WCB Resources.
The two companies in September announced merger plans, under which each WCB shareholder would receive 4.5 Kingston shares for every WCB common share held, to create a new Australasian-focused gold and lithium development and exploration company.
WCB shareholders will hold about 31% of the merged company, with Kingston shareholders owning the balance.
The merger will combine a joint venture interest in the Misima gold project, in Papua New Guinea, which hosts a 2.3-million-ounce resource, as well as an extensive lithium exploration portfolio, in the Northern Territory, and the emerging Livingstone gold project, in Western Australia.
Kingston said on Friday that the court approval followed overwhelming support from WCB shareholders.
“This merger represents a transformational step for both Kingston and WCB shareholders,” said MD Andrew Corbett.
“We are immediately commencing work on Misima, which includes completing a Joint Ore Reserve Committee resource, and re-establishing a field team incorporating current and new operational personnel who will be recommencing geochemical field work shortly.”
The company is planning to submit drilling approvals in the new year, with the aim of mobilising a drill rig by the fourth quarter of 2018.