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Barkerville Gold Approves Combination with Osisko Gold Royalties

Mining News - Published on Wed, 20 Nov 2019

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Barkerville Gold Mines Ltd announced that shareholders have approved the proposed business combination with Osisko Gold Royalties Ltd in a special meeting. Assuming that all approvals are obtained and all conditions precedent are satisfied or waived Barkerville anticipates that closing of the Arrangement will occur on November 22, 2019. Completion of the Arrangement remains subject to, among other things, satisfaction of all conditions precedent to closing the Arrangement, including the final approval of the Supreme Court of British Columbia. The hearing for the final order of the Supreme Court of British Columbia to approve the Arrangement is scheduled to take place on November 19, 2019.

On September 23,2019, Osisko and Barkerville entered into a definitive arrangement agreement, whereby, subject to the terms and conditions of the arrangement agreement, Osisko will acquire all of the issued and outstanding common shares of Barkerville that it does not already own by way of a statutory plan of arrangement under the provisions of the Business Corporations Act (British Columbia). In addition, pursuant to the Arrangement, all of the outstanding options to acquire shares of Barkerville, to the extent they have not been exercised prior to the effective time of the Arrangement, will be exchanged for such number of options to acquire shares of Osisko. Pursuant to the Arrangement, all Barkerville RSUs outstanding immediately prior to the effective time of the Arrangement will be cancelled, and Barkerville's RSU plan will be terminated on closing of the Arrangement.

Under the terms of the Arrangement, Shareholders (other than Osisko and any shareholders of Barkerville validly exercising dissent rights, if any) will be entitled to receive 0.0357 of a share of Osisko in exchange for each share of Barkerville held immediately prior to the effective time of the Arrangement.

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Posted By : Rabi Wangkhem on Wed, 20 Nov 2019
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