Trelawney Mining and Exploration Inc. (TRR.V: Quote) announced that its shareholders voted in favour of the previously announced plan of arrangement whereby, a wholly-owned subsidiary of Iamgold Corp. (IAG: Quote,IMG.TO: Quote) has agreed to acquire all of the issued and outstanding common shares of Trelawney.
Approximately 97% of Trelawney common shares voted at today's shareholders' meeting voted in favour of the special resolution approving the Arrangement. In addition, approximately 97% of Trelawney common shares held by minority shareholders of Trelawney voted in favour of the special resolution approving the Arrangement, Trelawney said.
Trelawney said it will apply for a final order of the Ontario Superior Court of Justice (Commercial List) for approval of the Arrangement on June 19, 2012, and, assuming receipt of court approval, Trelawney expects that the Arrangement will close on or about June 21, 2012.
In April, Iamgold had said it reached a definitive agreement to acquire Trelawney Mining and Exploration via. a plan of arrangement. Pursuant to the deal, each Trelawney shareholder would receive $3.30 cash for each Trelawney share held. The transaction price represents a 36.6% premium based on Trelawney's 20-day volume weighted average price for the period ending April 26, 2012.
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by RTT Staff Writer
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