As per the all-scrip scheme of arrangement deal, Metals X will acquire all of the shares in Westgold, with the new firm to hold cash and listed investments in excess of A$100m ($100m).
Westgold Resources chairman Michael Atkins said, "Westgold’s Board has held the view for some time that the Company’s projects are not receiving appropriate recognition in the equity market and that there are significant funds required to bring both the Central Murchison Gold Project and the Rover 1 Project into development and subsequently production."
The combined entity will have a diversified portfolio, including the producing Renison Tin Project in Tasmania, the Wingellina nickel project and Central Murchison gold project and the Rover 1 copper-gold project in the Northern Territory.
Metals X held a 26.98% stake in Westgold since 2007.
