Democratic Republic Congo-focused Katanga Mining is now wholly-owned, directly or indirectly, by multicommodities trader and miner Glencore, having completed the going-private transaction announced in April.
The company has applied to the Toronto exchange to delist its common shares.
Shareholders on June 2 approved the amalgamation with 836074 Yukon, in terms of which shareholders, other than Glencore International AG (GIAG), were entitled to receive C$0.16 in cash for each pre-amalgamation common share of the company, for an aggregate consideration of C$52-million.
Katanga previously explained that Glencore would take the business private, owing to a lack of a meaningful public float and limited trading liquidity, the costs of a stock exchange listing, the current commodity price risks, the ongoing operational risks, the financial risks and the lack of sources of financing without support from GIAG.