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Teranga Gold Corp And Oromin Explorations Ltd Announce Plan Of Arrangement Transaction


Tuesday, 27 Aug 2013 06:00pm EDT 

Teranga Gold Corp and Oromin Explorations Ltd announced that they have entered into an arrangement agreement (the Arrangement Agreement) for Teranga to acquire the remaining outstanding common shares of Oromin (the Oromin Shares) by way of a plan of arrangement (the Arrangement) under the B.C. Business Corporations Act. Under the Arrangement, shareholders of Oromin (Shareholders) would receive the same consideration of 0.60 of a common share of Teranga for each Oromin Share as was offered under Teranga‚Äôs prior offer that was completed on August 6, 2013. Oromin has called a special meeting of Shareholders for October 2, 2013 (the Meeting) to consider the Arrangement. The record date for determining the Shareholders entitled to receive notice of and vote at the Meeting is the close of business on August 30, 2013. The Arrangement is subject to the approval of the Supreme Court of British Columbia and satisfaction or waiver of the conditions to closing set out in the Arrangement Agreement. To be effective, the resolution of Shareholders approving the Arrangement (the Arrangement Resolution) must be approved by not less than 66% of the votes cast by Shareholders present in person or represented by proxy and entitled to vote at the Meeting and a majority of the votes cast by minority Shareholders in accordance with applicable securities laws. Teranga has indicated that it will vote all of the Oromin Shares it holds in favour of the Arrangement Resolution. 

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24 Dec 2014