Westgold Resources has officially commenced trading on the Toronto Stock Exchange (TSX) under the ticker symbol WGX.
TSX is a stock exchange located in Toronto, Ontario, Canada. It is one of the top 10 largest stock exchanges in the world.
By trading on the Canadian platform, Westgold aims to have an enhanced capital markets profile by being listed on both the TSX and ASX.
The listing follows the merger between Westgold and Karora Resources being officially implemented on August 1, under which Westgold acquired 100 per cent of the issued and outstanding shares of Karora.
Through the acquisition, Westgold gained ownership over Karora’s Beta Hunt and Higginsville gold mines, which are nestled in the same region of Western Australia as Westgold’s iconic Bluebird and Great Fingall mines. Westgold also took over Karora’s Lakewood gold mill near Kalgoorlie, WA.
“The merger with Karora creates an ASX and TSX listed, mid-tier gold producer with international appeal,” Westgold managing director and chief executive officer Wayne Bramwell said.
‘Westgold is unhedged, well-funded and focused on delivering shareholder returns. The TSX:WGX listing provides increased liquidity and brings a (more than) 400,000 ounce producer to a broader investor base.
“The listing also sees potential demand from index funds tracking the GDX (VanEck Vectors Gold Miners ETF), and GDXJ (VanEck Junior Gold Miners ETF).”
The merger between Westgold and Karora has created “a globally investable, mid-tier unhedged gold producer operating exclusively in Western Australia”, therefore establishing Westgold as a top five Australian gold producer.
The TSX listing follows Westgold listing on the OTCQX platform in the US in January, with the ticker symbol WGXRF.
By trading on the US platform Westgold aims to enhance its visibility and accessibility to the North American retail, high net worth, and institutional investors.
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