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 | Silver Lake Resources, Integra Mining move closer to completing merger  | |
MENAFN - ProactiveInvestors - Australia
- 19/12/2012
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(MENAFN - ProactiveInvestors - Australia) Silver Lake Resources (ASX: SLR) and Integra Mining (ASX: IGR) are closer to the completion of a merger set to create one of the largest gold producers in Australia.
Integra's shareholders have overwhelmingly voted to support the merger with Silver Lake via a scheme of arrangement.
The resolution to approve the merger was passed today, with 99.57% of votes cast in favour of the scheme of arrangement.
The scheme now remains subject to approval by the Federal Court of Australia, with Integra's application to the court to be heard on Friday 21 December 2012.
If the merger receives Federal Court approval, the scheme of arrangement is set to be implemented on Friday 11 January 2013.
The combined company, which will be 40% owned by Integra shareholders, currently has annual production of 200,000 gold ounces rising to over 400,000 ounces per annum in 2014 and combined Resources of 6.6 million ounces, including 1.8 million ounces of Reserves.
The scheme of arrangement will provide the ability to unlock significant operational synergies between the adjacent Mount Monger and Randalls gold projects in the Eastern Goldfields of Western Australia.
The expanded Silver Lake is set to become one of the largest gold producers on the ASX with a market cap. of 1 billion and 107 million in cash on completion of the merger.
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