TORONTO, July 24,
2024 /CNW/ - Karora Resources Inc. (TSX: KRR)
("Karora") is pleased to announce that it has obtained the
final court order from the Ontario Superior Court of Justice
(Commercial List) approving the previously announced plan of
arrangement (the "Arrangement") under the Canada Business
Corporations Act in respect of its merger with Westgold Resources
Limited (ASX) ("Westgold").
As previously announced, the Arrangement was approved by the
holders of common shares of Karora (the "Karora Shares") at
the annual general and special meeting of shareholders of Karora
held on July 19, 2024.
The Arrangement is expected to become effective on or about
August 1, 2024, subject to,
among other things, the satisfaction or waiver of certain other
customary closing conditions. It is expected that, subject to final
approval of the Toronto Stock Exchange ("TSX"), within two
to three business days following the completion of the Arrangement,
the Karora Shares will be delisted from the TSX and the Westgold
ordinary shares will begin trading on the TSX.
Additional details about the Arrangement can be found in the
management information circular of Karora dated June 17, 2024, a copy of which is available on
SEDAR+ (www.sedarplus.ca) under Karora's issuer profile.
About Karora Resources
Karora is focused on increasing gold production at its
integrated Beta Hunt Gold Mine and Higginsville Gold Operations
("HGO") in Western Australia. The
Higginsville treatment facility is a low-cost 1.6 Mtpa processing
plant, which is fed at capacity from Karora's underground Beta Hunt
mine and Higginsville mines. In July
2022, Karora acquired the 1.0 Mtpa Lakewood Mill in
Western Australia. At Beta Hunt, a
robust gold Mineral Resource and Reserve are hosted in multiple
gold shears, with gold intersections along a 5 km strike length
remaining open in multiple directions. HGO has a substantial
Mineral gold Resource and Reserve and prospective land package
totaling approximately 1,900 square kilometers. Karora has a strong
Board of Directors and management team focused on delivering
shareholder value and responsible mining, as demonstrated by
Karora's commitment to reducing emissions across its operations.
The Karora Shares trade on the TSX under the symbol KRR and on the
OTCQX market under the symbol KRRGF.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains "forward-looking information"
including without limitation statements relating to: information
and statements regarding the Arrangement; the timing and ability of
Karora to complete the Arrangement (if at all); the anticipated
timing of the delisting of the Karora Shares from the TSX and the
listing of the Westgold shares; and the timing and ability of
Karora to satisfy the conditions precedent to completing the
Arrangement (if at all) as set forth in the Arrangement
Agreement.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Karora to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: failure to obtain final
approval of the TSX the ability of exploration activities
(including drilling) to accurately predict mineralization; errors
in geological modelling; future prices and the supply of metals;
the results of drilling; inability to raise the money necessary to
incur the expenditures required to retain and advance the
properties; environmental liabilities (known and unknown); general
business, economic, competitive, political and social
uncertainties; results of exploration programs (including
drilling); accidents, labour disputes and other risks of the mining
industry; political instability, terrorism, insurrection or war;
delays in obtaining governmental approvals, projected cash
operating costs; and failure to obtain regulatory or shareholder
approvals. For a more detailed discussion of such risks and other
factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements,
refer to Karora 's filings with Canadian securities regulators,
including the most recent Annual Information Form, available on
SEDAR+ at www.sedarplus.ca.
Although Karora has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date
of this news release and Karora disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
SOURCE Karora Resources Inc.