Cancana Resources Corp (CVE:CNY) shares shot more than 14% higher on Tuesday after the company said shareholders approved a merger and reorganisation with Meridian Mining SE, at the company’s annual and special meeting held on Nov. 14.
A total of 62,138,974 common shares were voted at the meeting, representing 75.91% of the votes attached to all outstanding common shares.
Shareholders voted in favour of all items of business before the meeting, including the approval of the plan in which Meridian Mining SE and Cancana will complete a reorganization transaction whereby Meridian will acquire all of the issued and outstanding common shares of Cancana in exchange for shares of Meridian.
The deal was approved with more than 99% of all the votes cast by securityholders voting in favour. More than 99% of the shares voted by minority shareholders also voted in favour of the arrangement.
The arrangement will unify ownership of the Brazil manganese project joint venture into a single public company that will be listed on the TSX Venture Exchange. The company expects to complete the share exchange and for the Meridian Shares to commence trading on the TSXV under the symbol “MNO” before the end of November.
Cancana shares were up 14.3% at C$0.40 on Tuesday.
Story by ProactiveInvestors