PERTH – Joint venture partners Pantoro and Tulla Resources on Monday announced a merger under which Pantoro would acquire Tulla to gain full ownership of the Norseman gold project, in Western Australia, and create a new mid-cap ASX-listed gold company.
“Consolidating ownership of the Norseman gold asset and battery metals will deliver significant value for the shareholders of both companies, providing a simplified structure and delivering operational and corporate efficiencies,” Maloney said on Monday. In addition to the merger agreement, Pantoro on Monday also announced plans to raise A$75-million in a share placement, in part to fund development costs at Norseman.
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