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Ontario court OKs Northquest's takeover by Nord Gold

The Ontario Superior Court of Justice granted its final order approving Nord Gold SE's all-share takeover of Northquest Ltd. after Northquest shareholders voted in favor of the arrangement at a special meeting Sept. 28.

The deal is expected to close in the coming days, Nord Gold said in an Oct. 7 news release.

Nord Gold owns 108,789,852 Northquest shares, representing about 97.57% of the issued share capital of the target company.

Under the agreement, holders of Northquest shares will receive 26 Canadian cents in cash per share, while all outstanding warrants will be transferred for 10 cents each.

In connection with the transaction, the company will apply to delist Northquest shares from trading on the TSX Venture Exchange and the Frankfurt Stock Exchange.

Nord Gold CEO Nikolai Zelenski said the company will now complete the acquisition of Northquest and start planning the next phase of development at the Pistol Bay gold project in northern Canada's Nunavut territory.