PERTH (miningweekly.com) – The Supreme Court of Western Australia has backed a A$658-million merger between ASX-listed Vimy Resources and fellow listed Deep Yellow.
The two companies in April announced the merger agreement under which Deep Yellow would acquire all of the shares in ASX-listed Vimy, with Vimy shareholders to receive 0.294 Deep Yellow shares for every Vimy share held.
Vimy shareholders recently voted overwhelmingly in favour of the merger agreement, which will create a new global uranium player with significant scale, cash resources of A$106-million, one of the largest uranium mineral resource inventories globally of 389-million pounds, and two advanced, world class assets in Tier-1 uranium mining jurisdictions.
With the court approval now in place, Vimy’s shares are expected to cease trading on the ASX on July 27.