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Fluormin to bow out on Monday as Vanoil bid is approved

Fluormin to bow out on Monday as Vanoil bid is approved

The recommended offer for Fluormin (LON:FLOR) by Vanoil Energy has crossed its final legal obstacle, meaning the shares will be delisted from AIM on Monday, May 20.

Trading in the shares was suspended on Friday, May 17, the day of the court hearing convened to approve the scheme of arrangement whereby Vanoil would take control of Fluormin.

The new Vanoil CVE:VEL) shares to be issued under the terms of the scheme of arrangement will be listed on the TSX Venture Exchange in Canada on Tuesday, May 21.

Under the terms of the scheme, Fluormin shareholders will receive 0.806 of a Vanoil share, 0.572 of a Vanoil warrant exercisable at C$1 and 0.115 of a new Vanoil warrant exercisable at C$0.75, for each Fluormin share.

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