Colonial Coal International Corp. (TSXV:CAD) and Tuya Energy Inc. announced that Tuya has obtained a final order of approval from the Supreme Court of BC for the arrangement that will see Colonial acquire all of the issued and outstanding common shares of Tuya. This announcement follows the approval the companies received from shareholders at meetings held on March 19, 2015.
As quoted in the press release:
Under the Arrangement, each Tuya shareholder will be entitled to receive 0.5 of a common share of Colonial for each Tuya Share held. The Arrangement remains subject to the satisfaction of other closing conditions customary in a transaction of this nature. It is currently expected that the transaction will be completed on or about March 31, 2015.