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.