Shareholders approve acquisition of Claude Resources by Silver Standard
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Silver Standard Resources Inc. (MM) (NASDAQ:SSRI)
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Today : Wednesday 18 May 2016
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VANCOUVER, May 18, 2016 /PRNewswire/ - Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) ("Silver Standard") and Claude Resources Inc. (TSX: CRJ) ("Claude Resources") are pleased to announce the receipt of the required shareholder approvals for the previously announced Plan of Arrangement ("Arrangement"). On closing of the Arrangement, all of Claude Resources issued and outstanding common shares will be exchanged on the basis of 0.185 of a Silver Standard common share (the "Consideration Shares") and C$0.001 in cash per Claude Resources common share.
The Arrangement was approved by approximately 94% of the votes cast by Claude Resources shareholders at the special meeting of shareholders that was held today. Silver Standard shareholders approved the issuance of the Consideration Shares by approximately 93% of the votes cast at Silver Standard's annual and special meeting of shareholders that was also held today.
The transaction is expected to close on May 31, 2016 following receipt of final court approval and other customary closing conditions.
Full details concerning the Arrangement were included in the management information circulars of both Silver Standard and Claude Resources mailed to their respective shareholders on April 7, 2016.
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