17/03/2009 - 09:44

Western Metals to change focus, name

17/03/2009 - 09:44

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Subiaco-based Western Metals plans to change its name to Indago Resources as it streamlines its minerals focus towards gold.

Western Metals to change focus, name

Subiaco-based Western Metals has proposed to change its name to Indago Resources as it streamlines its minerals focus towards gold.

The company has also proposed simplifying its capital structure through a share consolidation on a one for 10 basis.

The company currently has 621.55 million ordinary shares on issue, and on completion of the consolidation it will have 62.16 million shares.

The name change and share consolidation are subject to shareholders approval, with a meeting scheduled for April 24.

The change of metals focus comes after the recent acquisition of the a suite of Tanzanian gold assets from Sub-Sahara Resources, including the Nyanzaga joint venture with Barrick Exploration Africa.

Western Metals can earn up to 68 per cent in the project by completing a bankable feasibility study.

Shares in Western Metals dropped 0.2 cents to 3.7c at 12:00 AEDT.

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