MiningFocus Africa

Premium Mining News In Real time

Endeavour Mining, SEMAFO set date for shareholder vote on merger

2 min read

TSX-listed miners Endeavour Mining and SEMAFO shareholders are scheduled to vote on the proposed merger of the two companies on 28 May 2020, following the filing of a joint management information circular.

The extraordinary general and special meetings of Endeavour and SEMAFO aims to seek approval for the previously announced proposed acquisition by Endeavour of all the issued and outstanding securities of SEMAFO by way of a plan of arrangement under the Business Corporations Act (Québec), amongst other matters.

These meetings will be convened at conducted virtually via live audio webcasts in response to the global COVID-19 pandemic, the companies said.

In addition, Endeavour and SEMAFO also obtained receipt of an interim order from the Québec Superior Court  on 28 April 2020 in connection with the transaction.

The transaction has been unanimously approved by the boards of directors of Endeavour and SEMAFO, and each board of directors, after having received financial and legal advice, recommends that its respective shareholders vote in favour of the matters put before them at the meetings.

The all share acquisition of SEMAFO by Endeavour Mining was announced last month and will see Endeavour Mining own approximately 70% of the combined company, with SEMAFO owning the remaining 30%.

If approved by the two parties’ shareholders, the combined company will have more than 1 Mozpa in gold production.

This would make it one of the top 15 gold producers globally and the largest in West Africa with six mines, supported by a robust pipeline of development projects and a significantly enhanced exploration portfolio focused on the highly-prospective Birimian Greenstone Belt.

About Author

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!