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.
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