NiMin Energy Corp. (NNN.TO: Quote, NEYYF.OB, NEYYF.PK) announced that its shareholders have approved: (i) the proposed sale of all or substantially all of the Company's assets and including those assets held by NiMin's wholly-owned subsidiary, Legacy Energy, Inc., pursuant to purchase and sale agreements with respect to its Wyoming based assets and California based assets for a total cash consideration of US$125.25 million, subject to adjustment in certain circumstances; and (ii) the subsequent liquidation and dissolution of the Company or the "Winding Up".
The company noted that the resolutions authorizing the Sale of Assets and Winding Up were approved by more than two-thirds of the votes cast by shareholders present or represented by proxy at the annual and special meeting of shareholders held today.
The Sale of Assets and Winding Up was also approved by a majority of votes cast by shareholders present or represented by proxy at the Meeting, excluding the votes cast by applicable interested parties pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions, the company said.
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