Independent proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis & Co have recommended that IDM Mining shareholders vote in favour of a takeover by Ascot Resources.
The combination of the companies will join two advanced projects and create a compelling resource base of high-grade measured and indicated gold/silver resources, positioning Ascot as a consolidator in the southern Golden Triangle, ISS and Glass Lewis stated on Monday.
IDM owns the Red Mountain project and Ascot owns the Premier gold project in north-western British Columbia.
IDM shareholders will vote on the transaction at a special meeting on March 20 in Vancouver. Each IDM shareholder will receive 0.0675 of a common share of Ascot for each share held.