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Richfield securityholders approve transaction
1 June 2011: New Gold Inc and
Richfield Ventures Corporation have reportedly announced that the previously
announced acquisition of Richfield by New Gold pursuant to a plan of arrangement
has been approved by Richfield securityholders. The Arrangement, which is
expected to become effective on or about 1 June 2011, will result in New Gold
acquiring all of the issued and outstanding shares of Richfield.
Under the terms of the Arrangement, each Richfield shareholder will receive
0.9217 of a New Gold common share and a nominal cash payment of $0.0001 for each
Richfield share held. In order to receive the consideration, Richfield
shareholders should follow the instructions that are set out in Richfield's
Notice of Special Meeting and Management Information Circular dated 26 April
2011.
Richfield is seeking a final order of the Supreme Court of British Columbia to approve the Arrangement, which is expected to be granted on May 31, 2011. Once the final order is received, the Arrangement is expected to be completed on or about June 1, 2011 and is subject to customary regulatory consents and other approvals.
Source: PRNewswire