Intrepid Mines Ltd. obtained shareholder approval for its off-market takeover bid for AIC Resources Ltd., according to a Dec. 19 release.

The approval allows the company to fulfill two defeating conditions under the Corporations Act of 2001 regarding ASX listing requirements.

Under the reverse takeover deal, Intrepid will offer 1 Intrepid share for every 3 AIC shares held. About 36% of the combined entity will be owned by existing Intrepid shareholders, while existing AIC shareholders will hold 64% upon closing.

The merger will form a company with a large contiguous landholding prospective for gold and base metals in Western Australia.