Osprey shareholders approve merger with MegumaGold
2020-09-04 16:25 ET – News Release
See News Release (C-OS) Osprey Gold Development Ltd
Mr. Cooper Quinn of Osprey Gold Development reports
OSPREY GOLD SHAREHOLDERS OVERWHELMINGLY APPROVE ARRANGEMENT WITH MEGUMAGOLD
With respect to Osprey Gold Development Ltd.’s special meeting of shareholders held today, all of the resolutions were duly passed, including the special resolution to approve the proposed plan of arrangement, pursuant to which MegumaGold Corp. will acquire all of the company’s outstanding common shares in exchange for common shares on an exchange ratio of one MegumaGold common share for every two Osprey common shares outstanding, as more particularly described in Osprey’s management information circular for the meeting, a copy of which was filed under Osprey’s profile on SEDAR on Aug. 14, 2020.
“I’m pleased Osprey shareholders have voted in favour of the transaction. I believe this presents a significant opportunity for Osprey and Meguma, and our new combined management team are looking forward to getting to work on the multitude of exploration targets in the consolidated land package,” said Osprey president Cooper Quinn.
The arrangement resolution required and received approval by more than: (i) 66-2/3rds per cent of the votes cast by the holders of Osprey’s common shares present in person or represented by proxy; and (ii) a majority of Osprey’s minority shareholders present in person or represented by proxy at the meeting.
This year, in light of the continuing COVID-19 pandemic, the meeting was held by way of a virtual-only format, whereby securityholders participated in the meeting remotely. The voting for each of the resolutions was by ballot.
Detailed voting results for the arrangement resolution are as follows:
- Votes cast by the holders of common shares present in person or by proxy at the meeting:
- For — 19,007,381 votes (99.619 per cent);
- Against — 72,700 votes (0.381 per cent).
- Votes cast by the minority holders of common shares present in person or by proxy at the meeting:
- For — 19,007,381 votes (99.619 per cent);
- Against — 72,700 votes (0.381 per cent).
The company did not receive a dissent notice in respect of any of the outstanding common shares of the company.
The closing of the transaction remains subject to final court approval as well as other customary closing conditions. Assuming the timely completion of these conditions, the company expects the transaction to close on or about Sept. 14, 2020.
About Osprey Gold Development Ltd.
Osprey Gold Development is focused on exploring five historically producing gold properties in Nova Scotia, Canada. Osprey has the option to earn 100 per cent (subject to certain royalties) in all five properties.
We seek Safe Harbor.
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