PERTH (miningweekly.com) – The shareholders of ASX-listed Vimy Resources have voted overwhelmingly in favour of a A$658-million merger agreement with fellow-listed Deep Yellow.
The two companies in April announced the merger agreement under which Deep Yellow would acquire all of the shares in Vimy, with Vimy shareholders to receive 0.294 Deep Yellow shares for every Vimy share held.
Around 99% of the votes cast at the company’s scheme meeting voted in favour of the transaction, which could 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.
Vimy will now seek approval of the scheme by the Supreme Court of Western Australia at a second Court hearing scheduled for July 26, and if the court approves the scheme, Vimy intends to lodge a copy of the orders of the court with the Australian Securities and Investments Commission on July 27.
The company’s shares will be suspended from trading on ASX with effect from close of trading on July 27.
Implementation of the scheme is expected to occur on August 4.