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Era secures final court approval to go private

Era Resources Inc. secured the final approval from the Ontario Superior Court of Justice for the proposal to go private via an arrangement, the company said June 7.

The transaction is slated to close by June 14, subject to obtaining the required approval from the TSX Venture Exchange.

The arrangement, among other things, involves a share consolidation on a 1-for-10,290,619 basis.

Sentient Executive GP IV Ltd., for the general partner of Sentient Global Resources Fund IV LP, will hold all of the issued and outstanding post-consolidation common shares, following closing.

Just a day earlier, Era reported that it received shareholder approval to complete the transaction.