Gold X Mining Corp. (TSXV: GLDX) last night announced that shareholders have approved the previously announced transaction with Gran Colombia Gold (TSX: GCM). The approval will see the Colombia-based gold explorer acquired for total consideration of approximately $315 million.
The agreement sees Gran Columbia acquiring all issued and outstanding common shares of Gold X not already owned by Gran Colombia. The transaction will see Gold X shares exchanged for Gran Colombia common shares on the basis of 0.6948 of a Gran Columbia share for each Gold X share held.
The transaction sees the de-listing of the company from the TSX Venture Exchange upon final approval by the British Columbia Supreme Court, with the arrangement expected to formally be completed on June 4, 2021.
Gold X Mining Corp last traded at C$3.55 on the TSX Venture.
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