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.