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Shareholders approve Adriana, Sprott Resource merger


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Shareholders approve Adriana, Sprott Resource merger

Shareholders of Adriana Resources Inc. and Sprott Resource Corp. approved the previously announced merger between the companies.

The companies signed a definitive agreement in November 2016, pursuant to which Sprott agreed to become a subsidiary of Adriana, with the latter renaming itself Sprott Resource Holdings Inc. after the deal's closing.

As part of the deal, common shareholders of Sprott will receive 3 common shares of Adriana per share held. Adriana shareholders, on the other hand, will receive 0.25 of a warrant per current share held, with each warrant having a five-year term and an exercise price of 33.3 Canadian cents per share.

In a special meeting of Adriana shareholders, 70.53% of the votes approved the plan of arrangement for the acquisition, with 95.20% of the votes were in favor of the special resolution to change the name to Sprott Resource Holdings Inc.

Meanwhile, about 76.70% of Sprott shareholders voted in favor of the arrangement in a special meeting.

The closing of the deal remains subject to satisfaction of customary conditions, including the receipt of all necessary regulatory approvals and the granting of the final order of the Ontario Superior Court of Justice approving the arrangement.

The transaction is expected to close on or as soon as practicable after Feb. 9, the companies noted in Jan. 25 statements.