Business
Shareholder approval for LSG
Shareholder approval for LSG.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n RNS Number : 9048A Hochschild Mining PLC 08 February 2011 \n \n\n \n \n \n \n \n8 February 2011\n \nShareholder approval for the disposal of remaining 6% stake in Lake Shore Gold \n \nHochschild Mining plc (\"Hochschild\" or the \"Company\") announces the following results of the poll taken at the Extraordinary General Meeting held earlier today in connection with the disposal of the Company's residual shareholding in Lake Shore Gold Corporation (\"the Disposal\"):\n \n \n \n\n\n\n\n\n\n\nFOR\n\n\nAGAINST\n\n\n\n\n\n\n\n\n\n\nDescription of Ordinary Resolution\n\n\nNumber of Votes\n\n\n% of Votes Cast*\n\n\nNumber of Votes\n\n\n% of Votes Cast*\n\n\nTotal Number of Votes Cast\n\n\nVotes Withheld\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nApproval of the Disposal\n\n\n314,969,508\n\n\n99.99\n\n\n2,450\n\n\n0.01\n\n\n314,971,958\n\n\n273,268\n\n\n\n\n \n *excluding Votes Withheld\n \nAccordingly, the Company confirms that RBC Dominion Securities Inc. has today purchased the remaining 21,540,992 common shares of Lake Shore Gold held by Hochschild under the terms of the agreement announced on 3 December 2010.\n \nThe net price of C$3.70 per common share represents a 37% gain on the average purchase price of C$2.70 per share. Total net proceeds of C$79,701,670 will primarily be used to support the Company's organic growth strategy through investment in its extensive and rapidly expanding exploration pipeline, including funding advanced projects Inmaculada, Azuca and Crespo to production. As announced on 2 February 2011, the Company has also repaid its entire existing syndicated loan facility of US$114.3m. \n \n \nIn accordance with LR 9.6.2R, the full text of the above resolution has been submitted to the National Storage Mechanism and will be available for inspection at www.Hemscott.com/nsm.do\n \n___________________________________________________________________________\n \nEnquiries:\nHochschild Mining plc\nCharles Gordon &n...