B2Gold gets Volta shareholder approval
posted on
Dec 18, 2013 01:29PM
130,000 oz of Gold / year - Q4 2009
Exploration & production. Properties in Nicaragua, Colombia, Panama & Russia
Volta receives shareholder approval for sale to B2Gold
2013-12-17 12:49 ET
Mr. Kevin Bullock of Volta Resources reports
Volta Resources Inc. has obtained overwhelming shareholder approval for the proposed arrangement between B2Gold Corp. and Volta Resources previously announced on Oct. 28, 2013, and Nov. 14, 2013.
Volta Resources held a special meeting of holders of common shares of Volta Resources this morning. At the meeting, Volta shareholders were asked to consider and, if deemed advisable, pass a special resolution approving the arrangement between Volta Resources and B2Gold. The arrangement required approval by at least 66-2/3 per cent of the votes cast by Volta shareholders present in person or by proxy at the meeting, and by a majority of the votes cast by Volta Resources' disinterested shareholders present in person or by proxy at the meeting. The approvals were obtained and approximately 99.3 per cent of the votes cast by Volta shareholders were in favour of the special resolution approving the arrangement.
Volta Resources anticipates returning to court on Dec. 19, 2013, to seek a final order to implement the completion of the arrangement. The arrangement remains subject to receipt of all requisite regulatory approvals. The arrangement is expected to be completed on Dec. 20, 2013.
On completion of the arrangement, Volta will become a wholly owned subsidiary of B2Gold. Under the terms of the arrangement, it is expected that on a fully diluted in-the-money basis, Volta shareholders will receive as consideration, common shares representing approximately 3.4 per cent of B2Gold's issued and outstanding shares following closing. Upon closing of the arrangement, B2Gold will issue approximately 23.3 million shares in exchange for Volta Resources shares.