TORONTO (miningweekly.com) – Shareholders in TSX-listed Silver Eagle Mines have approved a takeover of the company by Excellon Resources.

At a meeting on Thursday, the plan of arrangement with Excellon was approved by 97,4% of the votes cast, Silver Eagle reported later in the day.

Under the terms of the arrangement, Silver Eagle shareholders will receive 0,2704 of an Excellon common share for each Silver Eagle share held.

Silver Eagle's application to the Ontario Superior Court of Justice to obtain a final order approving the arrangement is scheduled for Monday and, if approved, and all other conditions to the arrangement are satisfied, the arrangement is expected to close on June 2.

In December last year, Silver Eagle received government approval to halt its flagship Miguel Auza silver/lead/zinc  mine, in Mexico, after low prices for the metals rendered the operation unprofitable.

Excellon has indicated that it plans to process ore from its nearby Platosa operation at the Miguel Auza mill, and suspend plans to build its own mill on hold.

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