Ursa Major Minerals shareholders have approved an arrangement that would see the exploration company merge with nickel-PGM exploration company Prophecy Platinum Corp.
Shareholders voted in favour of the previously arranged plan by 98.9 per cent at a special shareholders’ meeting on May 30.
“We are pleased the overwhelming support from Ursa Major’s shareholders to participate in a combined company with an outstanding portfolio of assets and substantially improved market capitalization and liquidity,” Richard Sutcliffe, Ursa Major’s CEO, commented in a news release.
A hearing with the Superior Court of Ontario, scheduled for May 31, is expected to approve the arrangement, which will be completed shortly after.
Ursa Major has the nickel-copper-PGM Shakespeare Mine, located near Webbwood, 70 km west of Sudbury.
Operations at the site ceased early this year after the expiration of the mine’s processing agreement with Xstrata Nickel on Dec. 31.
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