Photo by: Bloomberg
PERTH (miningweekly.com) – The plan of arrangement between ASX-listed Catalyst Metals and TSX-V-listed Superior Gold Inc has been completed, with Catalyst acquiring all of the issued and outstanding common shares in Superior Gold.
The shareholders of Superior Gold earlier this week voted in favour of the takeover offer, which would see each Superior shareholder receive 0.3571 of an ordinary share in Catalyst for each Superior Gold share held.
The offer implies a value of C$0.44 a share to Superior shares, and values the company at C$55-million.
The Ontario Superior Court of Justice this week also approved the transaction.
The transaction gives Catalyst access to the Plutonic gold mine, in Western Australia, which hosts a 5.9-million-ounce resource, a three-million-tonne-a-year processing capacity, and yearly production of 70 000 oz of gold.
Catalyst has previously said that the Superior Gold transaction, in conjunction with its successful acquisition of ASX-listed Vango Mining, provided a compelling opportunity to unlock and maximise value from the Plutonic-Marymia gold belt, and to support the growth of a new high-grade midtier gold mining company on the ASX.