Polymetals Resources Ltd (ASX:POL) has received strong endorsement of its plan to restart the Endeavor Silver-Zinc-Lead Mine at Cobar in central New South Wales with shareholders passing all resolutions at an Extraordinary General Meeting (EGM) today.
The Polymetals' EGM passed all six resolutions included in the Notice of Meeting circulated to shareholders on June 14, 2024.
In particular, the passing of Resolution 1, being approval of financial assistance provided by CBH Resources (ASX:CBH), paves the way for completion of the acquisition of the Endeavor Mine.
“Overwhelming endorsement”
Polymetals’ executive chairman Dave Sproule said: “The board is delighted with the overwhelming shareholder endorsement of all resolutions at today’s meeting.
"Approval of the financial assistance provided by CBH Resources (deferring replacement of the Rehabilitation Bond for up to two years) coupled with the recent POL equity raising and advancement of the redevelopment financing, removes all major hurdles to bringing the Endeavor Mine back online.
"Refurbishment works will now commence in earnest, providing clear site to near-term mine production and long-term cashflow.”
Placement shares approved
Passing of Resolution 5 of the shareholder meeting with regard to ‘Approval of Proposed Issue of Shares’ also enables existing shareholder, Sparta AG, to participate in the previous placement via the issue of 2 million shares at A$0.28 per share raising A$560,000.
READ: Polymetals Resources boosts Endeavor restart funds through $6.2 million placement
Another strategic investor, Metals Acquisition Ltd (ASX:MAC, NYSE:MTAL), also committed to participate in the placement to maintain its 4.3% shareholding.