The shareholders of Golden Star Resources (TSE) have approved an exchange of shares.
One old common share of the company will be exchanged for one new common share and one-fifth of one Class B common share of Golden Star’s 99.6%-owned French subsidiary, Guyanor Ressources. Guyanor holds interests in properties in French Guiana.
The arrangement is expected to take effect sometime in February, following which Guyanor will complete a public offering of Class B common shares. As a result, Golden Star’s voting interest will be reduced to 67%, and that company’s shareholders will have direct ownership of 15.4% of the Class B shares.
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