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Azarga Uranium Shareholders Approve Plan of Arrangement with enCore Energy
WHITE ROCK, BC / ACCESSWIRE / November 16, 2021 / AZARGA URANIUM CORP. (TSX:AZZ)(OTCQB:AZZUF)...
About this update from Encore Energy Corp.
[{"type":"text","content":"Azarga Uranium Shareholders Approve Plan of Arrangement with enCore EnergyWHITE ROCK, BC / ACCESSWIRE / November 16, 2021 / AZARGA URANIUM CORP. (TSX:AZZ)(OTCQB:AZZUF)(FRA:P8AA) (\"Azarga Uranium\" or the \"Company\") is pleased to announce that the shareholders of Azarga Uranium (the \"Shareholders\") have approved the plan of arrangement (\"Plan of Arrangement\") with enCore Energy Corp. (TSXV:EU)(OTCQB:ENCUF) (\"enCore\") previously announced on 7 September 2021.The Plan of Arrangement was approved by 99.8% of the votes cast by holders of common shares of Azarga Uranium (\"Azarga Uranium Shares\"). In addition, the Plan of Arrangement was approved by a simple majority of the votes cast by Shareholders, excluding the votes cast in respect of the Azarga Uranium Shares held by certain related parties (as defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions).The British Columbia Supreme Court hearing for the final order to approve the Plan of Arrangement is expected to occur on 19 November 2021. Closing of the Plan of Arrangement is subject to the receipt of applicable regulatory approvals and the satisfaction of certain other closing conditions customary in transactions of this nature, including, without limitation, the final stock exchange approval. The Company and enCore are working together to complete these regulatory approvals in order to close the transaction.In connection with the Plan of Arrangement, the Shareholders will receive 0.375 common shares of enCore for each Azarga Uranium common share held (the \"Exchange Ratio\"). Additionally, the Exchange Ratio will be subject to an adjustment mechanism at the closing of the transaction (the \"Closing Exchange Ratio\"). The Closing Exchange Ratio shall be equal to the greater of: (i) the Exchange Ratio; or (ii) an exchange ratio calculated as $0.54 divided by enCore's 15-day volume-weighted average price prior to the closing of the transaction, subject to a maximum Closing Exchange Ratio of 0.49 common shares of enCore for each share of Azarga Uranium outstanding.None of the securities to be issued pursuant to the transaction have been or will be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws, and any securities issuable in the transactio...