- The British Columbia Supreme Court has given final approval to ScoZinc Mining (SZM) and the company’s arrangement with Fancamp Exploration
- The closing of the transaction is still subject to approval by the TSX Venture Exchange
- Fancamp anticipates obtaining that approval shortly
- Fancamp is aware of one dissident shareholder who has made an application to the British Columbia Securities Commission
- ScoZinc is unchanged on the day, with shares of the company trading at $0.67 at 11:55 am ET
The British Columbia Supreme Court has given final approval to ScoZinc Mining (SZM) and the company’s arrangement with Fancamp Exploration.
The closing of the transaction is still subject to approval by the TSX Venture Exchange.
Fancamp anticipates obtaining that approval shortly.
“Last week, ScoZinc received overwhelming securityholder support at its Extraordinary General Meeting for the business combination with Fancamp, and with yesterday’s receipt of the final order from the BC Supreme Court, ScoZinc is now ready to close the transaction and has communicated this to Fancamp,” said ScoZinc President and CEO Mark Haywood.
Additionally, Fancamp is aware of one dissident shareholder who has made an application to the British Columbia Securities Commission (BCSC) to stay or overturn any decision by the TSXV approving the transaction, and to require that Fancamp obtain shareholder approval for the transaction.
ScoZinc says that it anticipates that Fancamp will be successful in proceedings before the BCSC and expects the transaction to close shortly thereafter.
ScoZinc has received conditional approval from the TSXV for the transaction, but remains subject to the final approval of the TSXV.
ScoZinc is a Canadian exploration and mining company that has full ownership of the Scotia Mine and related facilities near Halifax, Nova Scotia. ScoZinc also holds several prospective exploration licenses nearby its Scotia Mine and in surrounding regions of Nova Scotia.
ScoZinc is unchanged on the day, with shares of the company trading at $0.67 at 11:55 am ET.