Westgold Resources (ASX: WGR) will pay Aragon Resources (ASX: AAG) shareholders their consideration within the next week, after the company declared the off-market takeover unconditional.
Westgold currently holds 83.3% of Aragon, closing in on the 90% minimum acceptance.
The offer is scheduled to close on Wednesday 27 April 2011, with Aragon directors last week unanimously recommending the offer, in the absence of a superior proposal.
The new entity will hold resources of 3 million gold ounces-equivalent with a reserve of 0.6 million contained gold ounces.
This provides annual production potential of 200,000 gold ounce equivalent within 5 years.
Metals X will hold 22.5% of the combined group.