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Prophecy Resource Corp. (TSX VENTURE:PCY)(OTCBB:PCYRF)(FRANKFURT:3P1) and Red Hill Energy Inc. (TSX VENTURE:RH) reported that their respective shareholders have approved merging the Companies by way of a Plan of Arrangement.
Prophecy Resource Corp. (TSX VENTURE:PCY)(OTCBB:PCYRF)(FRANKFURT:3P1) and Red Hill Energy Inc. (TSX VENTURE:RH) reported that their respective shareholders have approved merging the Companies by way of a Plan of Arrangement.
The press release is quoted as saying:
The votes were tabulated during separate extraordinary shareholder meetings held earlier today. 100.00% of Prophecy votes and 99.64% of Red Hill votes supported the transaction. Completion of the arrangement remains subject to approvals from the British Columbia Supreme Court and the TSX Venture Exchange. Red Hill and Prophecy will seek final approval from the B.C. Supreme Court for the Arrangement at a hearing to be held on April 13, 2010, with arrangement completion date on or before April 19, 2010.
Click here to access the entire press release