OceanaGold, Romarco shareholders give thumbs-up to C$856m merger
TORONTO (miningweekly.com) – Following special shareholder meetings held on Monday, stakeholders had approved OceanaGold’s C$856-million all-scrip bid for Canadian project developer Romarco Minerals.
The resolution to approve the plan of arrangement, as defined under the Business Corporations Act of British Columbia, was approved by 79.67% of votes cast – representing 81.70% shares capable of being voted – by Romarco shareholders. The share issuance resolution was approved by 99.77% of votes cast, representing 64.19% of shares capable of being voted, by OceanaGold shareholders.
Romarco shareholders would receive 0.241 of a common share of OceanaGold for each common share, giving Romarco shareholders 49% of the combined company if the deal closed.
OceanaGold and Romarco expected to seek a final order approving the arrangement from the Supreme Court of British Columbia on September 30. Assuming all other terms and conditions to the arrangement were met, the transaction would close on or around Thursday.
The merger was expected to create the gold industry’s lowest-cost global gold producer.
Romarco’s flagship Haile project, in South Carolina, was expected to produce about 540 000 oz/y from 2017 at an all-in sustaining cost (AISC) of less than $600/oz. During the mine’s first year of operation, the AISC was expected to be as low as $414/oz of gold.
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