Australia's Kingwest Resources rises on revised consideration for merger with Brightstar

Brightstar Resources

15/03/2023 01:25

** Shares of mining co, Kingwest Resources Ltd  KWR.AX  rise
as much as 23.3% to A$0.037, set for best day since Jan 20, if
gains hold 
    ** Co and gold developer Brightstar Resources Ltd  BTR.AX 
agrees on revised consideration for the proposed merger between
Brightstar and Kingwest
    ** Under revised scheme, Kingwest Shareholders to receive 1
Brightstar share for every 0.38 shares held
    ** Under the initial Scheme, Kingwest Shareholders was to
receive 1 Brightstar share for every 0.44 shares held 
    ** Upon implementation of scheme, Kingwest shareholders will
hold about 47% of merged group 
    ** Co's shares hit highest since Feb 28
    ** Shares of co are down 14.3% YTD as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))