St Barbara announces Atlantic Gold shareholders approve acquisition

Company News

by Anna Napoli

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Last Updated: 23/01/2020 3:59 PM

St Barbara's (ASX:SBM) $779 million acquisition of Canadian based gold producer Atlantic has received the tick of approval from Atlantic's shareholders.

Atlantic shareholders and optionholders approved the Arrangement at a special meeting held in Vancouver on July 15. The motion was carried on a poll with 99.6 per cent of votes cast in favour of the Arrangement.

St Barbara says the strategic and financial benefits of the acquisition include the diversification of its gold production base with a low cost, long life mine in a favourable jurisdiction.

The deal also provides significant growth potential through planned resource and reserve expansion as well as near mine exploration.

Atlantic will seek a final order from the Supreme Court of British Columbia on July 17 2019 Vancouver time. The Arrangement is expected to complete on Friday July 19.

Shares in St Barbara (ASX:SBM) are trading 0.91 per cent higher at $3.32.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.