Falco Resources and Golden Queen Mining Consolidated Ltd. announced that Golden Queen shareholders approved the plan of arrangement with Falco where Falco will acquire all of the issued and outstanding shares of Golden Queen. The transaction was approved by 99.64% of the votes cast by Golden Queen shareholders, with shareholders holding more than 6 million shares or 45%.
Upon closing, Golden Queen shareholders will receive 1.35 Falco shares for each Golden Queen share held. The transaction is subject to final approval by the TSX Venture Exchange and Supreme Court of British Columbia, along with other customary conditions.
Falco Resources Ltd. is one of the largest mineral claim holders in the province of Québec. Its principal asset is the Horne 5 Project located in the former Horne mine that was operated by Noranda from 1927 to 1976. Osisko Gold Royalties Ltd. is its largest shareholder (19.9%).
Golden Queen sold its 50% interest in the Soledad Mountain gold-silver mine located south of Mojave, California, to the Clay family in May 2019.