Element79 Gold (CSE:ELEM) shareholders have approved the company’s proposed transaction involving its majority owned subsidiary Synergy Metals.
The arrangement will see Element79 distribute about 1.01 million Synergy shares to its shareholders ahead of Synergy’s proposed merger with 1425957 B.C.
The company previously held two million shares in Synergy as part of its spinout of the Dale property in Ontario, Canada.
Element79 says the transaction will reorganise its business into two separate companies, allowing it to focus on its Nevada gold portfolio, including the Gold Mountain and Elephant projects.
Shareholders approved the proposal at a special meeting on 3 July, with the resolution receiving more than the required two-thirds majority.
The company’s next step is to seek final approval from the Supreme Court of British Columbia on 10 July.
Subject to court and exchange approvals, Element79 expects the transaction to close by the end of the month.
Element79 Gold is a Canadian precious metals mining company focused on the exploration and development of its portfolio of high-potential gold projects.
Write to Jackson Chen at Mining.com.au
Images: Element79 Gold



