Great Panther shareholders OK Beadell acquisition
The $105-million all-scrip acquisition of Beadell Resources by Great Panther ticked a key box on Monday, as shareholders of the TSX-listed miner approved the transaction.
Shareholders in Beadell, which has a listing on the ASX, will meet in Perth on Tuesday and should they approve the transaction, Great Panther said the deal should close in the first week of March.
Shareholders in Great Panther also approved a name change of the company to Great Panther Mining.
"We would like to thank our shareholders for overwhelmingly approving the acquisition and for their continued support,” Great Panther president and CEO James Bannantine said in a statement released following the meeting.
"The acquisition of Beadell is transformational for Great Panther, resulting in the creation of a new growth-oriented intermediate precious metals producer with a strong balance sheet and diverse asset portfolio including three producing mines, an advanced stage project, and significant exploration potential."
Great Panther's current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico: the Guanajuato cine Complex and the Topia mine. The company also expects to make a decision on whether or not to restart the Coricancha project in Peru by the end of March.
The acquisition of Beadell will bring the Tucana mine, in Brazil, into Great Panther’s fold. The mine has missed its already-lowered production target last year, producing only about 123 300 oz, compared with the lowered guidance range of 125 000 oz to 135 000 oz, and the original guidance range of 145 000 oz to 155 000 oz.
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