South African gold-mining group Gold Fields and Toronto-listed Bolivar Gold on Monday announced that Scion Capital has delivered a notice of dissent in respect of its approximately 19% common share interest in Bolivar and that Gold Fields intends to waive the condition in section 7.2(e) of its arrangement agreement with Bolivar.
Gold Fields has also been advised by Scion Capital that it does not intend to proceed with the hearing before the Ontario court scheduled for Tuesday January 17.
The Supreme Court of the Yukon territory of Canada is scheduled to hear the plan of arrangement on Thursday January 19. If court approval is obtained, the transaction is expected to close by the end of January, the parties said.
Gold Fields, the world’s fourth-biggest gold miner, on Thursday received sufficient backing from the security holders of Toronto-listed Bolivar Gold to take control of the company. Bolivar shareholders holding 76% of the company’s shares voted in favour of Gold Fields’ offer of Can$3,20 per Bolivar Gold share.
Bolivar warrant holders holding 82% of the group’s warrants voted in favour of the offer.
United States fund manager Scion Capital, which held 19,14% of Bolivar Gold’s shares, had been calling for Gold Fields to increase its offer and called the group’s revised offer, made earlier last week, “unacceptable” and rejected it.
Bolivar Gold’s only operating asset is the Choco 10 gold mine in Venezuela. — I-Net Bridge