Argonaut shareholders OK deal with Alamos Gold
Argonaut Gold Inc. shareholders overwhelmingly approved a plan for Alamos Gold Inc. to acquire all issued and outstanding shares of Argonaut and form a spinoff that includes the Florida Canyon Mine in Nevada.
The vote came during Toronto-based Argonaut's annual and special meeting held to authorize the merger that allows Alamos to acquire all Argonaut shares. Argonaut shareholders will receive 0.0185 of a Class A common share of Alamos for each Argonaut share and 0.1 of a share of the new spin-off.
Argonaut reported that 72.06% of its shares were represented in the voting, and 99.58% of the shareholders at the meeting or voting by proxy approved the resolution allowing the arrangement with Alamos.
The spinoff that will include Florida Canyon Mine in Pershing County and properties Argonaut now holds in Mexico, and Argonaut wrote on June 28 it expects the arrangement with Alamos for the spinoff and the Magino Mine in Canada to become effective later this month.
Argonaut and Almos announced their agreement in late March and Argonaut reported the spin-off, which isn't official yet, is looking at the potential sale of Florida Canyon and the properties in Mexico that include the San Agustin Mine. However, any sale would have to be approved by the spin-off board and shareholders.
