Royal Fox Gold Inc (TSX-V:FOXG)’s acquisition by Northern Superior Resources Inc has been approved at the company’s special meeting of shareholders on Tuesday.
Following the successful vote, the transaction must now receive final approval from the Ontario Superior Court of Justice in a hearing scheduled for Wednesday. Should approval be granted, the transaction is expected to be effective on Friday.
Once the move is complete, the new company plans to delist its common shares from the TSX Venture Exchange, the company said.
READ: Royal Fox Gold announces deal which sees it acquired by Northern Superior Resources Inc for around C$17M
The acquisition, announced last month, is a C$17 million stock deal that will provide Royal Fox shareholders with 0.12 of a Northern Superior share for each Royal Fox share they hold.
The deal means Northern Superior will have the largest land package of any active gold explorer in the region, thought to be over 62,000 hectares (Ha), including four major properties.
Royal Fox Gold is focused on the development of the Philibert project near Chibougamau, Québec, which consist of 110 mineral titles having a total area of around 5,393 Ha of highly prospective ground, 9 kilometres (km) from IAMGOLD’s Nelligan asset, which was awarded the “Discovery of the Year” by the Quebec Mineral Exploration Association (AEMQ) in 2019.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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