Only a little more than a week remains before TMAC Resources Inc. shareholders cast their votes on June 26 on whether to support a buyout of the Hope Bay mine in western Nunavut by Shandong Gold Mining Co. Ltd.
If the deal with the Chinese state-owned company, better known as SD Gold, is a go, TMAC president and CEO Jason Neal says the Hope Bay mine will be able to ramp up to full operating levels.
“More importantly, we have acted in the interests of all stakeholders to put Hope Bay on a new trajectory for long-term success,” Neal said in a news release about the deal. He said he hopes TMAC shareholders will approve the buyout at a special meeting in Toronto, on Friday, June 26.
At the meeting they will consider and, “if deemed advisable,” pass a resolution approving the acquisition by SD Gold of all common shares of TMAC.
Given the COVID-19 pandemic, TMAC has asked shareholders to vote by proxy in advance of the special meeting and not to attend the meeting in person, “unless and until all social distancing recommendations or restrictions have been lifted.”
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