Orsa Ventures shareholders approve friendly Alamos takeover
TORONTO (miningweekly.com) – Shareholders of TSX-V-listed Orsa Ventures on Wednesday approved the plan of arrangement under which NYSE- and TSX-listed Alamos would acquire all the issued and outstanding Orsa common shares, in a deal valuing the company’s equity at about C$3.5-million.
The companies said in a joint statement that more than 98% of the Orsa securities voted at a special meeting were in favour of the special resolution approving the arrangement.
The deal gives Alamos access to Orsa’s precious-metals properties in the Western US, including the right to earn a 100% interest in the Quartz Mountain property, in Oregon, as well as other assets in Oregon and Nevada.
The Quartz Mountain property is located on the northern extension of the prolific Basin and Range province of Nevada and hosts an inferred resource of 2.85-million ounces of gold, grading 0.8 g/t.
Under the terms of the agreement, Orsa shareholders will get C$0.10 a share in cash for each Orsa common share held.
Orsa said its application to the Supreme Court of British Columbia to obtain the final court order approving the arrangement was scheduled for Thursday, and assuming court approval was granted, and that all other conditions were satisfied or waived, the arrangement would become effective on Friday.
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