Shareholders in Mason Resources on Monday approved a plan of arrangement with Hudbay Minerals, whereby the diversified miner will acquire Mason for C$0.40 a share.
At the meeting, the shareholders approved the arrangement resolution with about 97.43% of the votes cast being for the resolution, or 96.58% after excluding votes cast by Hudbay, its affiliates and any other shareholders who were required to be excluded.
Mason will seek a final order from the Supreme Court of British Columbia with respect to the arrangement on Tuesday and expects the closing of the transaction on Wednesday.
Mason's key asset is its 100% owned Ann Mason project – a prospective land package located in the Yerington district of Nevada. The Ann Mason project hosts two copper/molybdenum porphyry deposits, Ann Mason and Blue Hill, as well as numerous earlier-stage or untested priority targets.
The Ann Mason deposit is currently at a preliminary economic assessment level and is among the largest undeveloped copper porphyry resources in Canada and the US.