Golden Arrow shareholders back sale of Puna Operations
The shareholders of TSX-V-listed Golden Arrow have voted in favour of selling the company’s 25% interest in Puna Operation, Argentina, to joint venture partner SSR Mining for C$44.4-million.
Of the votes cast by proxy with respect to the transaction, a total of 51 458 485 common shares of Golden Arrow shares were voted in favour of the transaction, representing about 94.62% of the votes cast by proxy on the resolution.
"With this historically high shareholder turnout, representing nearly 44% of the outstanding shares, the company can now focus on making the next discovery with our advanced and prospective projects in Chile, Paraguay and Argentina,” said president, CEO and chairperson Joseph Grosso.
As consideration for the sale of its 25% interest in Puna, Golden Arrow will receive C$3-million in cash consideration, C$25.9-million in common shares of Nasdaq- and TSX-listed SSR, about C$14.5-million in cash, which will be used to the outstanding principal and accrued interest owing by Golden Arrow under the credit agreement entered into in July 2018 with SSR, C$1-million through the return for cancellation, for no consideration, of 4 285 714 Golden Arrow common shares currently owned by SSR and payment by SSRM of Golden Arrow's portion of all cash contributions required to be made to Puna under the shareholders agreement from July 22, 2019 until the closing date.
The completion of the transaction remains subject to the satisfaction of several conditions, including approval of the TSX-V.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
