Doray Minerals Ltd. said March 13 that its largest shareholder, Perennial Value Management, confirmed its intention to vote in favor of the company's merger with Silver Lake Resources Ltd., subject to no superior proposal.

Perennial Value Management owns 57,821,439 shares of Doray Minerals, representing a 12.94% stake in the Australian gold explorer.

Doray Minerals expects the merger to be effective March 29 and to implement the share program April 5.

Doray Minerals and Silver Lake agreed to merge into an ASX-listed, midtier, growth-focused gold producer in November 2018. Each Doray Minerals shareholder will receive 0.6772 of a Silver Lake share for every share held. Silver Lake shareholders will own a 62.7% stake in the combined company, and Doray Minerals shareholders will own 37.3%.