Azarga Metals Corp (CVE:AZR) said it has received shareholder approval to increase its stake in the Unkur copper-silver project in Russia to 100%.
In a statement, the company said at its annual general and special meeting held on Wednesday, the majority of its minority shareholders approved the proposed exercise of its call option to increase its ownership of the Unkur project from 60% to 100%.
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Once it gets the TSX Venture Exchange approval, Azarga will issue 42mln common shares at a deemed price of 15 cents to the eight holders of the indirect 40% interest in the project, the mineral exploration and development company said.
In the meeting, shareholders also approved the appointment of nominee directors, auditor and gave the green light to the company’s stock option plan.