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Thursday, 23rd August 2007 (3778 views)

Northern Orion Resources shareholders have approved the company's planned acquisition by Yamana Gold, it has been announced.

Following a meeting in Vancouver by the company's shareholders, it was agreed that Northern Orion shareholders are to receive 0.543 of a Yamana share plus CAN $0.001 in cash for each Northern Orion share.

Meanwhile, it emerged that the arrangement was approved by 83.1 per cent of the votes cast – with no opposition to the plan being voiced at the meeting.

"Northern Orion's strong shareholder support for the Arrangement demonstrates our clear commitment to the business combination with Yamana. This positive vote also considerably simplifies the transaction involving Northern Orion, Yamana and Meridian," commented Northern Orion president David Cohen.

He added that the company believes that following the merger, the new gold business will have a competitively strong growth profile and cash flow generating capabilities.

Northern Orion was formed in 1986 and claims to be one of the world's lowest-cost gold producers.

 

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