Business
UrbanGold Minerals’ Shareholders Overwhelmingly Approve Troilus Gold's Acquisition of UrbanGold Minerals
TORONTO, May 17, 2021 (GLOBE NEWSWIRE) -- UrbanGold Minerals Inc. (TSXV: UGM) (“UrbanGold”) and Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus”) are ple
About this update from Troilus Mining Corp
[{"type":"text","content":" TORONTO, May 17, 2021 (GLOBE NEWSWIRE) -- UrbanGold Minerals Inc. (TSXV: UGM) (“UrbanGold”) and Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus”) are pleased to announce that UrbanGold's shareholders voted, at the special meeting of UrbanGold's shareholders held earlier today (the \"UrbanGold Meeting\"), to approve the proposed acquisition by Troilus of all of the issued and outstanding common shares of UrbanGold (the “UrbanGold Shares”) that it does not currently own by way of a three-cornered amalgamation (the “Amalgamation”) under the Canada Business Corporations Act. At the UrbanGold Meeting, the special resolution authorizing the Amalgamation (the \"Amalgamation Resolution\") was approved by (i) 99.83% of the shareholders of UrbanGold present in person or represented by proxy, and (ii) 99.79 % of the shareholders of UrbanGold present in person or represented by proxy, excluding the votes of “interested parties” whose votes may not be included in determining minority approval. The shareholders of UrbanGold who participated in the vote represented approximately 33.34 % and 27.94 %, respectively, of all issued and outstanding UrbanGold shares entitled to vote. Pursuant to the Amalgamation, Troilus will acquire all of the issued and outstanding UrbanGold Shares that it does not already own for a consideration of 0.3004 of a common share of Troilus for each outstanding UrbanGold Share. Completion of the Amalgamation remains subject to satisfaction of all conditions precedent to closing the Amalgamation. Assuming that all approvals are obtained and all conditions precedent are satisfied or waived, Troilus and UrbanGold anticipate the closing of the Amalgamation to occur on or about May 18, 2021. Full details of the Amalgamation and certain other matters are set out in the management information circular of UrbanGold dated April 9, 2021 (the \"Information Circular\"). A copy of the Information Circular can be found under UrbanGold’s profile on SEDAR at www.sedar.com or by contacting UrbanGold or Troilus at the numbers shown below. About UrbanGold UrbanGold is a precious and base metals exploration company with its activities focused in prospective areas of Quebec. It specializes in project generation supported by substantial exploration expertise. UrbanGold 's common shares trade on the TSX Venture Exchange under the symbo...