Scoop has an Ethical Paywall
License needed for work use Register

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Oceanagold and Romarco Receive Shareholder Approval

Oceanagold and Romarco Receive Shareholder Approval For The Plan Of Arrangement

28 September 2015

(MELBOURNE) and (TORONTO) OceanaGold Corporation (TSX/ASX/NZX: OGC) (“OceanaGold”) and Romarco Minerals Inc. (TSX: R) (“Romarco”) are pleased to announce that at their respective special meetings of shareholders held earlier today, shareholders of both companies have voted in favour of the respective resolutions necessary to give effect to the plan of arrangement (“Arrangement”) under the Business Corporations Act (British Columbia) pursuant to which OceanaGold will acquire Romarco.

The resolution to approve the Arrangement was approved by 79.67% of votes cast (representing 81.70% shares capable of being voted) by Romarco shareholders and the share issuance resolution was approved by 99.77% of votes cast (representing 64.19% of shares capable of being voted) by OceanaGold shareholders.

Pursuant to the Arrangement, Romarco shareholders will receive 0.241 of an OceanaGold common share for each Romarco common share held. A copy of the final voting reports for each of Romarco and OceanaGold will be made available on SEDAR.

OceanaGold and Romarco expect to seek a final order approving the Arrangement from the Supreme Court of British Columbia on or about September 30, 2015. Assuming all other terms and conditions to the Arrangement are met, it is expected that the Arrangement will close on or about October 1, 2015.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

Mick Wilkes, Managing Director & CEO of OceanaGold stated, “Through our transaction with Romarco and with the addition of the Haile gold mine, OceanaGold will enhance its already solid foundation of high margin, high quality operating assets. Supported by OceanaGold’s strong balance sheet, as well as its development and operating expertise, bringing the Haile Gold Mine through construction and into production will further diversify our global production profile and cement OceanaGold as the low cost gold producer globally” Mr. Wilkes went on to say, “Shareholders have recognised the compelling attributes of the combined company, by demonstrating strong support for the transaction. This platform puts us in a unique position to continue delivering shareholder value in the many years to come.”

Diane Garrett, President & CEO of Romarco stated: “We are pleased that shareholders of both companies have sent such a clear message in support of the transaction with OceanaGold. The combination of these companies will create a sector leading low-cost intermediate gold producer with a diversified asset base and a strong financial platform that reduces single-asset and development-stage risks as the Haile gold mine is brought into production. Importantly, OceanaGold shares Romarco’s philosophy to social responsibility which is of utmost importance to ourselves in consideration of the relationships our Company has formed with the great communities and stakeholders surrounding the Haile gold mine and Lancaster County, South Carolina.”


© Scoop Media

Advertisement - scroll to continue reading
Business Headlines | Sci-Tech Headlines

FMA: MAS To Pay $2.1M Penalty For Making False Representations

Following proceedings brought by the FMA, MAS has been ordered to pay a $2.1M penalty for making false and/or misleading representations to some customers. MAS admitted failing to correctly apply multi-policy discounts and no claims bonus discounts to some customers, failing to correctly apply inflation adjustments on some customer policies, and miscalculating benefit payments.More

IAG: Call On New Government To Prioritise Flood Resilience

The economic toll of our summer of storms continues to mount, with insurance payouts now topping $1B, second only to the Christchurch earthquakes. AMI, State, & NZI have released the latest Wild Weather Tracker, which reveals 51,000 claims for the North Island floods & Cyclone Gabrielle, of which 99% (motor), 97% (contents), and 93% (home) of claims have now been settled. More


Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.