White Rock Minerals Ltd (ASX:WRM, OTCQX:WRMCF) managing director and CEO Matthew Gill has increased his holding in the explorer after the completion of a merger with Austar Gold Ltd (ASX:AUL).
The two companies recently implemented a share scheme of arrangement and an options scheme of arrangement to complete the merger.
This has seen Gill secure a further 54,625 shares and 8,490 listed options in the company by way of an indirect interest, taking his holding in that interest to 228,700 fully paid ordinary shares and 18,367 listed options.
Into league of gold producers
The merger has pushed White Rock into the league of gold producers and secures a large 670 square kilometre, under-explored land package with historic high-grade gold production in the highly prospective Victorian goldfields.
All AuStar Gold shares had been transferred to White Rock and all AuStar Gold listed options have been cancelled.
Eligible AuStar Gold shareholders have been issued consideration of 0.78 new shares in White Rock for every 1 AuStar Gold share held at 7.00 pm (AEST) on the record date of Monday, August 16, 2021.
Eligible AuStar Gold listed option holders have been issued consideration of one new White Rock option exercisable at $0.77 and otherwise on substantially the same terms as the terms of the AuStar Gold listed options, for every AuStar listed option held.