Bayfield Ventures Corp. is pleased to announce that shareholders, at a special meeting yesterday, approved the previously-announced acquisition by New Gold Inc. of all of the outstanding common shares of Bayfield by way of a plan of arrangement.
The arrangement was approved by the affirmative vote of roughly 94.7 percent of the votes cast by Bayfield shareholders, present in person or represented by proxy at the meeting.
On Nov. 26, Bayfield obtained an interim order of the Supreme Court of British Columbia under the Business Corporations Act (British Columbia) in connection with the arrangement.
Bayfield was scheduled to return to court today to seek a final order to implement the arrangement.
The arrangement is subject to certain other conditions and regulatory approvals, but is expected to be completed on or about Jan. 1.
Under the terms of the arrangement, Bayfield shareholders will receive 0.0477 of a New Gold common share for each Bayfield share held.
Upon closing of the arrangement, Bayfield’s assets, which include a 100-percent interest in three Rainy River District mineral properties totalling 2,536 acres, will be integrated into New Gold’s Rainy River project land package.
Bayfield’s properties adjoin New Gold’s Rainy River project, with Bayfield’s Burns Block located immediately to the east of New Gold’s proposed open pit gold-silver mine.