ZIJIN Mining Group Co., Ltd. has received the remaining required Chinese regulatory approvals, namely approvals from the National Development and Reform Commission of the People’s Republic of China and the State Administration of Foreign Exchange of the People’s Republic of China, with respect to the acquisition of shares of Guyana Goldfields Inc.
This was announced on Friday by Guyana Goldfields Inc. in a press release. Pursuant to the Arrangement, a wholly-owned subsidiary of Zijin will acquire all of the issued and outstanding common shares of the Guyana Goldfields Inc. not already owned by Zijin for cash consideration of C$1.85 per share.
The company also announced that the hearing of the Ontario Superior Court of Justice for the final order to approve the arrangement, which was previously scheduled for July 30, 2020, has been deferred to August 14, 2020.
“This delay is the result of two third parties who have each advised the court that they will be appearing at the Fairness Hearing seeking for the company to set
aside, in anticipation of the completion of the arrangement, funds for the potential payment of certain unproven claims they have made against the company. Neither such third party has indicated that it is seeking to challenge the fairness of the arrangement to shareholders of the company. However, in order to enable certain court-related procedures pertaining to these two third parties to be completed prior to the Fairness Hearing, such hearing will now take place on such later date,” the release said.
Guyana Goldfields Inc. said that subject to the satisfaction of all conditions precedent to completion of the arrangement (including receipt of the Final Order), the completion of the arrangement is still anticipated to occur in August 2020.