Mawson Gold Signs Agreement to Acquire Southern Cross Gold

Mawson Gold Limited ("Mawson") has signed a definitive binding scheme implementation agreement (SIA) to acquire all ordinary shares of Southern Cross Gold Ltd (SXG) that it does not already own. Currently, Mawson holds 48.85% of SXG shares. The arrangement proposes the acquisition through a scheme of arrangement under Australian laws, making SXG a wholly owned subsidiary of Mawson.

Prior to the effective date, Mawson plans a share consolidation at a ratio of approximately 3.1581:1. It also intends to spin off its Swedish uranium assets into a new subsidiary and distribute shares to Mawson shareholders. Furthermore, Mawson will aim for dual listing on the Australian Securities Exchange (ASX) and plans to rename itself Southern Cross Gold Consolidated Ltd.

Upon this arrangement, Mawson’s shareholders are anticipated to benefit through simplification of structure, direct exposure to the Sunday Creek Project, institutional support, and cost reduction. The management and Board continuity will be ensured by appointing current SXG leaders to key positions.

The Arrangement remains subject to approvals from shareholders, courts, and regulatory bodies. Completion is anticipated by late October 2024.