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Almonty Industries (TSXV:AII) and Woulfe Mining (CSE:WOF) announced that the Woulfe shareholders have voted in favor of the plan of arrangement that will see the two companies combine. The arrangement will see Almonty acquire all of Woulfe’s outstanding common shares that Almonty does not already own by way of a court approved plan of arrangement.
Almonty Industries (TSXV:AII) and Woulfe Mining (CSE:WOF) announced that the Woulfe shareholders have voted in favor of the plan of arrangement that will see the two companies combine. The arrangement will see Almonty acquire all of Woulfe’s outstanding common shares that Almonty does not already own by way of a court approved plan of arrangement.
As quoted in the press release:
Under the terms of the Plan of Arrangement, each Woulfe shareholder will receive 0.1029 of one Almonty common share for each Woulfe share held. In order to receive the consideration, Woulfe shareholders should follow the instructions that are set out in Woulfe’s Management Information Circular dated July 28, 2015, available at https://www.sedar.com/ under Woulfe’s SEDAR profile. Woulfe’s optionholders will receive replacement Almonty options, and Woulfe warrants and debentures will remain outstanding in accordance with their terms.
Woulfe is seeking a final order of the Supreme Court of British Columbia approving the Plan of Arrangement, which is expected to be granted on August 25, 2015. Once the final order is received, the Plan of Arrangement is expected to be completed on or about August 27, 2015.
This announcement is for informational purposes only and does not constitute an offer to purchase, a solicitation of an offer to sell shares or a solicitation of a proxy. The Arrangement is expected to be completed by the end of August 2015.
Voting results as per the press release:
Lewis Black, president and CEO of Woulfe, commented:
For both Almonty and Woulfe shareholders this merger has many merits and I am extremely happy that Woulfe shareholders have overwhelmingly supported this transaction. We are marrying a strategic deposit with a proven operating team at a moment in history where consolidation of our sector is essential for the future of our industry. The combined companies will represent over 40% of non-China supply of tungsten concentrate and moving forward we will continue to look to increase that share with further acquisitions of economically viable projects. We can now state that the combined company is now the only multi project, multi operational mining and multi-jurisdictional tungsten company in geopolitically secure regions outside of China which is uniquely positioned to continue providing a reliable Western source of supply to our existing customers.
Click here to read the full Almonty Industries (TSXV:AII) and Woulfe Mining (CSE:WOF) press release.