The London listing of the company has been on the cards for about three years, but weak market conditions have prevented it until now.
 
The reverse takeover will see Centurion acquire FinnAust, which is 79%-owned by Western Areas, for £7.7 million ($A13.2 million).
 
On completion of the deal, Centurion will be renamed FinnAust and Western Areas will hold about 68% of the listed company.
 
As part of the transaction, Centurion has raised £3.4 million, with Western Areas committing £1.8 million.
 
That will give the company sufficient funds for 18 months of exploration.
 
“Western Areas was pleased to deliver on its stated objective of listing its Finnish assets on the London AIM market,” Western Areas managing director Dan Lougher said.
 
“We believe our shareholders will be pleased to maintain exposure to the exciting drill targets we’ve identified for high-grade copper and nickel in Finland.
 
“We have found a like-minded and corporately sound party in Centurion for our Finnish exploration assets, where their leader Alastair Clayton has had considerable success in geological discoveries and corporate transactions over a number of years.”
 
FinnAust holds around 4710sq.km of ground in southern Finland, adjacent to the historical Outokumpu mines.
 
Centurion’s key asset is an 80% stake in the Mitterberg copper project in Austria.
 
Lougher will chair FinnAust and Western Areas general manager commercial Graham Marshall will join the board.
 
They join Clayton, who will remain an executive director, and Gregory Kuenzel.
 
“This is a transformative transaction, changing us into a well-funded, advanced exploration company with an extensive portfolio in a world class mining district,” Clayton said.
 
“Our cornerstone shareholder, Western Areas, is an industry-leading mining company whose foundations were built on exploration success, it having discovered, and now operates two high-grade nickel mines and is Australia’s third-largest overall nickel producer.
 
“We already have a defined strategy including a high-impact 10,300m drill program and we believe any given hole has the potential to be a game-changer.”
 
The company will operate out of Finland but have a small office in London.
 
Centurion will need to obtain shareholder approval, but it is expected that FinnAust will be admitted to the AIM on or about December 2.
 
Western Areas shares fell 4.2% yesterday to $A2.52.