Great Panther Silver Ltd.'s board urged shareholders to vote in favor of its proposed takeover of Beadell Resources Ltd. and name change in a Feb. 11 special meeting.
In the proposed deal, Beadell shareholders are expected to own approximately 38% of the combined company, receiving 0.0619 of a common Great Panther share for each ordinary Beadell share held. Great Panther is expected to issue approximately 103.6 million shares.
Great Panther said Jan. 7 that it is also seeking approval for a rebrand to Great Panther Mining Ltd.
Beadell's flagship asset is the Tucano gold mine in Brazil, while Great Panther operates the Guanajuato and Topia silver-gold mines in Mexico. Great Panther is also working to restart the Coricancha polymetallic mine in Peru.
Great Panther provided Beadell with a short-term US$5 million loan in December 2018, after Beadell reached an agreement with MACA Ltd. to extend a A$54.7 million loan post-merger.