Glamis shareholders approve issue in Goldcorp bid

In a meeting in Vancouver today, shareholders of Glamis Gold (GLG-T) approved a resolution allowing the company to issue shares for the company’s takeover bid for Goldcorp (G-T).

The resolution removes a restriction in Glamis’s bylaws that limited the company’s shares to a maximum of 200 million common and 5 million preferred. About 80% of the 76 million shares voted at the meeting were voted for the resolution.

Glamis’s bid of 0.92 Glamis shares for each Goldcorp share would require it to issue about 175 million shares, plus more for any warrants exercised in the meantime.

In related news, proxy advisor Fairvest, which advises a number of institutional investors, maintained its recommendation to Goldcorp shareholders to vote in favour of Goldcorp’s takeover bid for Wheaton River Minerals (WRM-T). Goldcorp shareholders are to meet on the morning of Feb. 10 to vote on the proposed bid of 0.25 Goldcorp shares for each Wheaton share.