NEWS ROUNDUP — Equinox, Eastmaque merger approved

The Supreme Court of British Columbia recently approved the amalgamation of Equinox Resources (TSE) and Eastmaque Gold Mines (TSE) in an uncontested hearing.

Previous efforts by Equinox to merge the two companies failed after a preferred shareholder of Eastmaque successfully petitioned the Court to block the bid.

The Court’s decision at the time was based entirely on a lack of disclosure rather than the fairness issue brought up by the dissenting shareholder. Under the merger agreement, which has already received majority shareholder approval, 10 common shares of Eastmaque will be exchanged for one share of Equinox.

For every two preferred shares, holders will receive one common share of Equinox, one common share-purchase warrant exercisable at $3.40 for four years and a production participating preferred share with a par value of $1.50.