Ausgold (ASX:AUC) said it received a listing rule waiver from the ASX allowing for the cancellation of unlisted warrants without shareholder approval, subject to OceanaGold's proposed acquisition of the company becoming effective, according to a Wednesday filing with the bourse.

Ausgold has 6 million unlisted warrants on issue which have vested, and under the proposed deal, the company is required to ensure that there are no outstanding warrants on issue as of the record date.

With the ASX waiver, the company is proposing to cancel all of the warrants in exchange for the issue of Ausgold shares, which will then participate in the OceanaGold scheme of arrangement on the same basis as other Ausgold shares.

If the deal does not take effect, the warrants will not be cancelled.