Terraco Gold Corp. (TEN:TSX.V; TCEGF:OTCPK) announced in a news release that 98.96% of its voting shareholders, on Aug. 13, approved sale of the corporation to Sailfish Royalty Corp.
Per the terms of the agreement, Terraco shareholders will receive 0.12 shares of Sailfish for each Terraco share held, which comprises the exchange ratio. Outstanding options of Terraco will be adjusted so the number of Sailfish shares received upon exercise reflects that ratio.
The company noted that the TSX Venture Exchange has conditionally approved the arrangement. Also the company has applied to the Supreme Court of British Columbia to obtain the final order approving the agreement, and a hearing has been set for August 16. Should the court approve the transaction, it is expected to take effect on or about Aug. 19, 2019. On that day, after the close of trading, Terraco's shares are expected to be delisted.
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