Southern Cross Gold Consolidated Announces Receipt of Final Australian Court Approval for the SXG Scheme
Rhea-AI Summary
Southern Cross Gold Consolidated (TSXV:SXGC)(ASX:SX2) has received approval from the Supreme Court of New South Wales for its scheme of arrangement to acquire the remaining shares of Southern Cross Gold (SXG). The scheme will become legally effective upon lodgement with ASIC on January 15, 2025, when SXG shares will be suspended from ASX trading.
Key implementation dates include: Southern Cross Gold Consolidated CDIs commencing deferred settlement trading on ASX under code SX2 on January 16, 2025; Scheme Record Date on January 17, 2025; Implementation Date on January 24, 2025; and normal settlement trading beginning January 28, 2025. The company's shares will resume trading on TSXV under the new ticker 'SXGC' on January 15, 2025.
Positive
- Court approval received for complete acquisition of SXG
- Clear implementation timeline established for merger completion
- Dual-listing status maintained on both TSXV and ASX exchanges
Negative
- None.
News Market Reaction – SXGDF
On the day this news was published, SXGDF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
VANCOUVER, BC / ACCESSWIRE / January 14, 2025 / Southern Cross Gold Consolidated Ltd ("SXGC" or the "Company") (TSXV:SXGC)(ASX:SX2) is pleased to announce that earlier today the Supreme Court of New South Wales (the "Court") approved the scheme of arrangement with Southern Cross Gold Ltd. ("SXG"), pursuant to which the Company will acquire
SXG intends to lodge the Court's orders approving the Scheme with the Australian Securities and Investments Commission ("ASIC") tomorrow. Upon lodgement of orders with ASIC, the Scheme will be legally effective. SXG will also request that quotation of SXG Shares on the ASX be suspended from close of trading tomorrow.
Key dates to Implementation (all Australian Eastern Daylight Time "AEDT")
Event | Date |
Effective Date
Suspension of SXG Shares from trading on the ASX from close of trading | Wednesday, January 15, 2025 |
Southern Cross Gold Consolidated (formerly named Mawson) CDIs commence trading on the ASX on a deferred settlement basis under the code SX2 | Thursday, January 16, 2025 |
Scheme Record Date Time and date for determining entitlements to the Scheme Consideration | 7.00pm on Friday, January 17, 2025 |
Implementation Date Provision of the Scheme Consideration to Scheme Participants | Friday, January 24, 2025 |
Sothern Cross Gold Consolidated (formerly named Mawson) CDIs commence trading on the ASX on a normal settlement basis under the code SX2 | Tuesday, January 28, 2025 |
The Company has been advised by TSX Venture Exchange that the common shares of the Company will resume trading on the TSXV under the new ticker symbol " SXGC " effective Wednesday, January 15, 2025, at the opening of trading.
This announcement has been approved for release by the Board of Southern Cross Gold Consolidated Ltd.
- Ends -
For further information, please contact:
Mariana Bermudez - Corporate Secretary
mbermudez@chasemgt.com or +1 604 685 9316
Executive Office
1305 - 1090 West Georgia Street Vancouver, BC, V6E 3V7, Canada
Nicholas Mead - Corporate Development
info@southerncrossgold.com.au or +61 415 153 122
Subsidiary Office
Level 21, 459 Collins Street, Melbourne, VIC, 3000, Australia
Forward-Looking Statement
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements, including timing of the listing of Mawson's shares on the ASX, the benefits of the Arrangement and SXG Scheme to Mawson and SXG and the receipt of all required final approvals including without limitation applicable court, regulatory authorities and applicable stock exchanges. Forward-looking statements include words or expressions such as "proposed", "will", "subject to", "near future", "in the event", "would", "expect", "prepared to" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include general business, economic, competitive, political, anticipated Swedish legislative changes on the current ban on uranium mining and social uncertainties; the state of capital markets, unforeseen events, developments, or factors causing any of the expectations, assumptions, and other factors ultimately being inaccurate or irrelevant; and other risks described in SXGC's and SXG's documents filed with Canadian or Australian securities regulatory authorities. You can find further information with respect to these and other risks in filings made by SXGC or SXG with the securities regulatory authorities in Canada or Australia, as applicable, and available for SXGC in Canada at www.sedarplus.ca . SXGC's documents are also available at www.southerncrossgold.com or www.mawsongold.com . We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Australian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Southern Cross Gold Consolidated Ltd.
View the original press release on accesswire.com
FAQ
When will the Southern Cross Gold (SXGC) scheme of arrangement become effective?
When will SXGC shares begin trading on the ASX under the SX2 code?
What is the implementation date for the SXGC scheme consideration?
When will SXGC shares resume trading on the TSXV?
What is the record date for determining entitlements in the SXGC scheme?
