The takeover of Beaufield Resources by Osisko Mining is likely to close on Friday, following last week’s shareholder approval, in which 98% of shareholders present at a meeting voted in favour of the transaction.
The completion of the arrangement, announced in August, remains subject to the satisfaction of all conditions, including the final approval of the Superior Court of Québec. The hearing for the order to approve the arrangement is scheduled for Monday.
Assuming that all approvals are obtained and all conditions precedent are satisfied or waived, Osisko and Beaufield anticipate the closing of the arrangement to occur on October 19.
Under the terms of the arrangement, shareholders of Beaufield will receive 0.0482 of a share of Osisko in exchange for each share of Beaufield held immediately prior to the effective time of the arrangement.
Beaufield and Osisko are exploration companies and both focus on activities in Quebec and Ontario.