TORONTO, July 27, 2020 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("Guyana Goldfields") is pleased to announce the voting results of its annual and special meeting (the "Meeting") of holders of common shares ("Shareholders") held on July 27, 2020. At the Meeting, Shareholders approved a special resolution (the "Arrangement Resolution") in respect of a statutory plan of arrangement (the "Arrangement") under the Canada Business Corporations Act (the "CBCA") pursuant to which a wholly-owned subsidiary of Zijin Mining Group Co., Ltd. (SSE: 601899) (SEHK: 2899) ("Zijin") will acquire all of the issued and outstanding common shares of Guyana Goldfields not already owned by Zijin for cash consideration of C$1.85 per share.
At the Meeting, Shareholders also approved: a reduction of Guyana Goldfields' stated capital attributable to its common shares in accordance with Section 38 of the CBCA (the "Stated Capital Resolution") which was required to facilitate the Arrangement, the election of each of the incumbent directors of Guyana Goldfields, the appointment of its auditors and a non-binding advisory "say on pay" resolution.
The Arrangement Resolution and the Stated Capital Resolution each required the approval of at least two-thirds of the votes cast by Shareholders at the Meeting or by proxy. Approximately 99.51% and 99.39% of the votes cast at the Meeting or by proxy were voted in favour of the Arrangement Resolution and the Stated Capital Resolution, respectively. Detailed voting results are available on Guyana Goldfields' SEDAR profile at 网页链接
Guyana Goldfields will be seeking a final order from the Ontario Superior Court of Justice (Commercial List) with respect to the Arrangement on July 30, 2020 and the Arrangement is expected to be completed in August 2020, subject to receipt of all relevant regulatory and court approvals.