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Klondex Mines gets shareholder approval to buy Bison Gold

At the meeting around 74.71% of the outstanding Bison shares were represented in person or by proxy, of which 93.15% were voted in favour of the arrangement...
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Pictured is a stack of gold bullion

Gold producer Klondex Mines Ltd (TSE:KDX, NYSE:KLDX) announced that shareholders of Bison Gold Resources (CVE:BGE) had approved the previously  announced transaction, which will see it acquire Bison via a scheme of arrangement.

At the meeting around 74.71% of the outstanding Bison shares were represented in person or by proxy, of which 93.15% were voted in favour of the arrangement.

As reported in  August, the consideration will be in Klondex shares, cash or a combination of both, but is based on a price of US$0.59 per Bison share, which represents a big 131% premium to the last Bison closing price on August 2 this year.

Completion of the deal is subject to various conditions, including the court approval, and the agreement of not less than 66% of Bison shareholders.

Bison's focus has been on two strategically situated gold properties -  the Central Manitoba (CM) and the Ogama/Rockland (OG) past producing mines in Canada.

These have now been consolidated and are called the Central Manitoba Property (CMP) and the Cryderman property.

Klondex has three producing properties -  the Fire Creek Mine and the Midas Mine and mill in Nevada, USA, and the True North Gold Mine and mill in Manitoba, Canada.

It also has the Hollister mine and the Aurora mine and ore milling facility, also  in Nevada, USA.

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