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Era Resources nets shareholder approval to go private

Era Resources Inc. secured shareholder approval for its proposal to go private, the company said June 6.

The company expects to apply for final court approval of the arrangement on June 7, with the transaction expected to close by June 14.

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

Shareholders who receive less than 1 whole post-consolidation share will have their share purchased by the company at 25 U.S. cents apiece immediately before the consolidation.

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.

The Sentient Group earlier notified Era regarding the exercise of convertible debentures, for the conversion of US$41 million debentures into Era shares at a price of 25 Canadian cents apiece for an aggregate of 195,755,600 shares.

Following conversion, the Sentient Group held an aggregate of 308,718,567 shares, or approximately 96.5% of Era's outstanding shares, with no convertible debentures remaining outstanding, according to a May 24 release.

The Sentient Group also noted that it intends to vote in favor of the going-private plan.