PERTH (miningweekly.com) – The shareholders of ASX-listed junior Trafford Resources have voted in favour of a proposed merger with fellow-listed IronClad Mining.
The two companies in December last year executed a merger implementation agreement, under which IronClad would acquire all the issued shares in Trafford, at a rate of one IronClad share for every one Trafford Share.
The combined company would hold full ownership of the Wilcherry Hill manganese project, in South Australia, as well as a range of other tin and manganese projects.
IronClad had previously said that the consolidated company would look to sell its noncore fixed assets, post the merger, as part of efforts to recapitalise the entity. Cost saving initiatives have also been flagged at the Wilcherry Hill operation as a result of the combination of the two companies, and IronClad intended to further exploit these while further pursuing prefeasibility studies on its tin and manganese projects.
Trafford directors have unanimously recommended the merger.
Final court approval for the proposed merger was expected by May 5.