Horizon Minerals Ltd (ASX:HRZ) and Greenstone Resources Ltd (ASX:GSR) have received the green light from Greenstone security holders for their planned merger.
As a result, Horizon will acquire all of Greenstone’s shares and listed options through a scheme of arrangement under the Corporations Act 2001.
Shareholders approve
The journey to approval included several key steps. Horizon and Greenstone first announced the merger plans on February 13 and April 2, 2024.
The Supreme Court of Western Australia then directed Greenstone to hold meetings for its shareholders and listed optionholders to vote on the merger.
These meetings took place on Friday and the resolutions were overwhelmingly approved.
At the shareholder meeting, more than 85% of those present voted in favour of the merger, with 96.88% of the total votes supporting the resolution.
At the optionholder meeting, 94.87% of those present voted in favour, with 99.14% of the total votes supporting the merger.
While this approval is a significant milestone, the merger still needs final approval from the Supreme Court of Western Australia, which is scheduled for June 5.
An Independent Expert must also confirm that the merger is in the best interests of Greenstone security holders. If all conditions are met, the merger is expected to be completed around June 18.
About Horizon
Horizon Minerals is an emerging mid-tier gold producer boasting a portfolio of highly prospective gold projects in Western Australia’s renowned goldfields.
The company has a resource base exceeding 1.24 million ounces of gold across 1,100 square kilometres, with growth options in multiple commodities.
Horizon’s key assets include 700,800 ounces of estimated gold mineral resources, right near the 448,000-ounce Boorara deposit, amounting to more than 1.15 million ounces of gold.
The company is actively exploring for gold and other commodities such as nickel-cobalt, silver-zinc, PGEs and Lithium, aiming to monetise high-grade assets for cash flow.
Horizon also holds a significant interest in Richmond Vanadium Technology Ltd (ASX:RVT), one of the world’s largest vanadium projects, listed on the ASX in December 2022.
This stake was distributed in specie to Horizon shareholders, solidifying the company’s diversified commodity base and strategic growth trajectory.