White Rock Minerals Ltd signed a binding Merger Implementation Deed to acquire AuStar Gold Limited for AUD 24.5 million.
Transaction is subject to regulatory approval listing of new shares. due diligence, AuStar Gold shareholder approval, Court approval being obtained, there being no "AuStar Gold Material Adverse Change", "AuStar Gold Regulated Event", "White Rock Material Adverse Change" or "White Rock Prescribed Occurrence, all unquoted options and performance rights issued by AuStar Gold are exercised and other conditions customary for a transaction of this nature. AuStar Gold shareholders will then be able to vote on the Scheme at a Court-convened shareholder meeting, which is expected to be held in mid-May 2021. The AuStar Gold Board unanimously recommends that AuStar Gold securityholders vote in favour of the Schemes, in the absence of a superior proposal and subject to an independent expert's report concluding that the Schemes are in the best interests of AuStar Gold shareholders and listed option holder. AuStar Gold shareholders will then be able to vote on the Schemes at Court-convened scheme meetings, which are expected to be held in mid-July 2021. Subject to approval being obtained and the other conditions of the scheme being satisfied, the Schemes are expected to be implemented in late July 2021AuStar Gold shareholders will then be able to vote on the Schemes at Court-convened scheme meetings, which are expected to be held in mid-July 2021. Subject to approval being obtained and the other conditions of the scheme being satisfied, the Schemes are expected to be implemented in late July 2021. As on July 30, 2021, transaction is approved by AuStar. The Schemes remain subject to the approval of the Federal Court of Australia and to certain other conditions. As on August 11, 2021, transaction is approved by the Federal Court of Australia. Transaction is expected to close on August 23, 2021.
Baker & McKenzie acted as financial advisor to White Rock Minerals Ltd. Ron Smooker of Maddocks acted as legal advisor to Austar. Glyn Yates and Andrew Clifford of RSM Corporate Australia Pty acted as Independent expert for AuStar.