Moto Goldmines Limited (MGL.TO) said its security holders approved the merging resolution with Randgold Resources Limited, as announced on August 5, 2009.
The approval came in the special meeting that involved registered holders of Moto common shares and the holders of options to acquire Moto common shares. The Moto Security holders approved the arrangement resolution regarding the combination with Randgold Resources Limited.
Votes on the arrangement resolution were cast in respect of 58.68% of the total number of issued and outstanding Moto common shares and options. Of the votes cast, 98.1% voted in favour and 1.9% voted against.
Moto now expects to apply to the Supreme Court of British Columbia for a final order approving the Arrangementon or about October 14, 2005. The effective date of the Arrangement will be a date agreed between Randgold and Moto and is presently targeted for October 15, 2009.
Common shareholders of 17.20 million elected to receive Cash Consideration, being US$4.47 per Moto common share, as set out in the plan of arrangement, attached to the information circular sent to Moto Securityholders in respect of the meeting, resulting in aggregate cash payable by Randgold of US$76.86 million.
Since this amount does not exceed the Cash Parameter, no pro-ration of the amount payable to such holders will be required.
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