HomeNewsTrue Gold shareholders vote in overwhelming favour of Endeavour acquisition

True Gold shareholders vote in overwhelming favour of Endeavour acquisition

The acquisition was approved by over 95% of True Gold shareholders and security holders voting together as a single class.

The acquisition has also been approved by Endeavour Mining shareholders of which 99.82% of its shareholders voted in favour of the transaction.

Endeavour Mining shareholders also approved the issuance of up to 18. 9 million new shares to shareholders of True Gold, as previously announced in connection with the acquisition.

On closing of the arrangement, True Gold shareholders will receive 0.044 of an Endeavour common share for each True Gold common share held.

The closing of the transaction, which remains subject to court approval, regulatory approval and other customary closing conditions and is expected to occur on 26 April 2016.

“We look forward to closing the True Gold transaction and expect then swiftly to integrate the Karma mine into our portfolio. Following the first gold pour last week, the operational ramp-up is progressing well and commercial production is scheduled to begin in June,” says Endeavour Mining CEO Neil Woodyer.

Woodyear added that Endeavour expects to communicate its updated production guidance for 2016, inclusive of Karma, with its second quarter results.

Chantelle Kotze
Chantelle Kotze is a Johannesburg-based media professional. She is a contributor at Mining Review Africa (Clarion Events - Africa) and has created content for the media brand over the past 6 years.