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.

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 100% of the shares in SXG it does not already own (the "SXG Scheme").

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 The date on which the Scheme becomes Effective Lodgement by SXG with ASIC of the Court orders approving the Scheme and lodgement of announcement to ASX Last day of trading in SXG Shares on the ASX 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?

The scheme will become legally effective on January 15, 2025, upon lodgement of court orders with ASIC.

When will SXGC shares begin trading on the ASX under the SX2 code?

SXGC CDIs will commence deferred settlement trading on ASX under code SX2 on January 16, 2025, with normal settlement trading beginning January 28, 2025.

What is the implementation date for the SXGC scheme consideration?

The implementation date for the scheme consideration is January 24, 2025.

When will SXGC shares resume trading on the TSXV?

SXGC shares will resume trading on the TSXV under the new ticker 'SXGC' on January 15, 2025, at market open.

What is the record date for determining entitlements in the SXGC scheme?

The scheme record date is 7:00 PM AEDT on January 17, 2025.