trending Market Intelligence /marketintelligence/en/news-insights/trending/4LeogOD46g89kmZA46F3HA2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

First Bauxite receives court approval for privatization

Blog

COVID-19 Impact & Recovery: Metals and Mining Outlook for H2 2021

Video

Climate Credit Analytics: Linking climate scenarios to financial impacts

Blog

Essential Metals & Mining Insights, April 2021

Blog

Global M&A Infographic Q1 2021


First Bauxite receives court approval for privatization

First Bauxite Corp. obtained approval from the Supreme Court of British Columbia for a transaction to go private through a plan of arrangement under the Business Corporations Act.

The company said Dec. 21 that all of the conditions in its arrangement agreement with Resource Capital Fund V LP and Resource Capital Fund VI LP have been satisfied or waived. Therefore, the arrangement is now effective.

Following the arrangement, the company's shares have been consolidated on the basis of 100 million shares to one post-consolidation share.

Shareholders other than Resource Capital now hold less than one whole post-consolidation share, which will be purchased by the company at a price of 4 Canadian cents per pre-consolidation share.

Additionally, the court dismissed a proceeding started by a group of minority shareholders who opposed the arrangement and ordered the petitioners to pay costs of the respondents.