The news: Shares in Westgold Resources tumbled on the ASX after the gold producer’s first day of trading on the Toronto Stock Exchange (TSX) following its merger with Canadian miner Karora Resources earlier this year.
The numbers: Westgold shares were down 4.3% to $2.79 on the ASX by 11:30am (AEST), having dropped 5.5% to CA$2.40 ($2.66) on its first day of trading in Toronto.
The context: Perth-based Westgold, which listed on the TSX under the ticker symbol WGX, has retained its primary listing on the Australian sharemarket.
The Toronto listing followed Westgold’s merger with Karora on 1 August, which saw Westgold acquire 100% of Karora’s shares.
What they said: Westgold managing director and CEO Wayne Bramwell said: “The merger with Karora creates an ASX and TSX listed, mid-tier gold producer with international appeal.”
“The TSX:WGX listing provides increased liquidity and brings a +400,000 ounce producer to a broader investor base,”…
