Proactive Investors - Run By Investors For Investors

Great Panther Silver shareholders approve Beadell Resources acquisition and name change

A special meeting was held earlier today, while Beadell shareholders will meet later today in Perth
A special meeting of Great Panther shareholders was held earlier in Vancouver

Great Panther Silver Ltd (TSE:GPR) (NYSEAMERICAN:GPL) shares ticked higher in Toronto as shareholders approved its US$105 million acquisition of Beadell Resources along with plans to change its name to Great Panther Mining Ltd.

A special meeting was held earlier today, while Beadell shareholders will meet later today in Perth to vote on the acquisition.

"The acquisition of Beadell is transformational for Great Panther, resulting in the creation of a new growth-oriented intermediate precious metals producer with a strong balance sheet and diverse asset portfolio including three producing mines, an advanced stage project, and significant exploration potential," said James Bannantine, president and CEO of Great Panther, as he thanked shareholders.

The firm revealed that 96.71% of shareholders approved the acquisition and 96.63% approved the change of name.

As previously reported, the new metals producer will boast a diversified portfolio of producing mines in Mexico and Brazil and an advanced stage development project in Peru.

Beadell’s production of 123,000 gold ounces in proforma 2018 will complement Great Panther's own output of 4.17 million silver equivalent ounces.

The combination will also add extensive reserve and resources, including 1.3 million ounces of gold in proven and probable reserves, and 2 million ounces of measured and indicated gold resources.

Last month, two big-name proxy advisory firms Glass Lewis & Co and Institutional Shareholder Services Inc recommended that shareholders vote in favor of the plan.
If Beadell shareholders vote in favour of the move, the acquisition is expected to close in the first week of March.

The name change will become effective upon closing, while the company will continue to trade on the Toronto Stock Exchange under the symbol GPR and NYSE American under the symbol GPL.

Great Panther shares nudged up 2.2% in Toronto to $0.99.


-- updated share price -- 

Contact Giles at [email protected]

Follow him on Twitter@Gile74

View full GPR profile View Profile

Great Panther Mining Limited Timeline

Related Articles

Silvercorp Metals worker
May 07 2019
The flagship asset is the Ying project, also known as the SGX silver-lead-zinc property, in central China
May 22 2019
Tucano is currently the second largest gold producer in Brazil, producing around 150,000 ounces per year
December 18 2018
Prospero Silver is a Mexico-focused precious metals explorer
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use