Gold player Evolution Mining (ASX:EVN)
has received the the tick of approval from Battle North Gold’s shareholders to take over the Canadian-based mineral explorer.
Evolution has offered $361.7 million to rally shareholder support for the deal to acquire the company dual-listed in Canada and the US.
Battle North Gold is the developer and whole owner of the Bateman Gold Project in the district of Red Lake in Ontario, Canada. The asset comprises of the high-grade F2 Gold Deposit. The mine’s production capacity has to potential to bolster Evolution’s ability to achieve the “objective of producing in excess of 300,000 ounces of gold per annum from Red Lake.”
Under the scheme of arrangement, owners of 65 per cent of total issued shares in Battle North participated in the vote, as the deal received an almost unanimous approval rate of 99.8 per cent.
Evolution Mining expressed gratitude for the endorsement, “It’s pleasing to see the overwhelmingly positive support for the transaction from Battle North shareholders”.
The $8.6 billion ASX-listed gold miner is now awaiting the greenlight from Supreme Court of British Columbia. The judicial authority will convene legal proceedings to review the acquisition venture on May 17. If the outcome of this hearing is positive, Evolution Mining expects to finalise the deal two days later.
Shares in Evolution Mining (ASX:EVN)
are trading 1.19 per cent lower at $4.99