- Ascendant Resources (TSX:ASND, OTCQB:ASDRF) shareholders have approved acquisition by Cerrado Gold.
- The acquisition plan is expected to be effective around May 16, 2025.
- Sprott's private placement to acquire more than 20% of Ascendant Shares is also approved.
Ascendant Resources Inc. (TSX:ASND, OTCQB:ASDRF) has announced that its shareholders have overwhelmingly approved the company's acquisition by Cerrado Gold Inc. This approval was granted at a special meeting held at Ascendant's office, where 100% of the votes cast, either in person or by proxy, supported the Arrangement Resolution.
The plan involves Cerrado Gold acquiring all issued and outstanding common shares of Ascendant for common shares of Cerrado. This significant approval required at least a two-thirds majority vote, which was achieved. The Plan of Arrangement is slated to become effective on or about May 16, 2025, pending a final order from the Ontario Superior Court of Justice.
Additionally, shareholders gave the green light to the Sprott Resolution, enabling Sprott Private Resources Streaming and Royalty (Collector), LP to increase its holdings to exceed 20% of Ascendant's shares through a private placement. This decision was supported by 99.99% of the disinterested votes as required by the Toronto Stock Exchange rules.
Upon completion of these transactions, Ascendant shares are expected to be delisted from the Toronto Stock Exchange, further integrating the company into Cerrado Gold's operations. Details of the voting results and the Plan of Arrangement can be reviewed on SEDAR+ under Ascendant's issuer profile.
