Shanta Gold Ltd (AIM:SHG, OTC:SAAGF) said the recommended cash offer by Saturn Resources had received unconditional approval from the Competition Authority of Kenya.
Approval from the competition authorities in Tanzania Fair Competition Commission is still awaited, Shanta said, following which it will schedule a court hearing for the scheme of arrangement to go ahead.
Most of Shanta’s assets and its producing mines are in Tanzania with development projects in Kenya.
Shanta added the acquisition is expected to become effective in the first half of 2024, subject to competition approvals.
Saturn recently increased its offer to 14.85p per share from 13.5p as the gold price has risen to record highs.
Agreements to vote for the amount to 29.8% of those eligible to vote, Saturn added at the time.
A shareholder meeting to vote on the offer is scheduled for 4 April.