TSX-listed Guyana Goldfields still expects its takeover by Zijin Mining to conclude this month, despite a delay in a court hearing for the final order to approve the South America-focused mining company's takeover by the Chinese group.
The Ontario Superior Court of Justice fairness hearing for the final order to approve the arrangement has been deferred from July 30, to August 14, after two third parties informed the court that they intended to appear at the hearing.
The third parties are seeking that Guyana Goldfields set aside, in anticipation of the completion of the arrangement, funds for the potential payment of certain claims they have made against the company. The gold miner says neither has indicated that it is seeking to challenge the fairness of the arrangement to shareholders.
Meanwhile, Zijin has received the remaining required Chinese regulatory approvals, from the National Development and Reform Commission and the State Administration of Foreign Exchange.
Zijin in June offered to buy Guyana Goldfields for C$1.85 a share in cash, valuing the gold miner at C$323-million.