Cerro’s Scheme Approved
On 30 April 2013, Cerro Resources NL (Cerro) eligible shareholders and optionholders voted to approve the resolutions put at the Meetings to the proposed transaction with Primero Mining Corp. The resolutions effect:
- the Spinout of Cerro’s non-Cerro del Gallo assets (Spinout) to Cerro’s currently wholly owned subsidiary Santana Minerals Limited;
- an in-specie distribution to Cerro’s Shareholders in relation to that Spinout;
- an acquisition by Primero of all the shares Cerro has on issue in exchange for shares in Primero on the basis of 0.023 of a Primero share for each 1 Cerro share; and
- the variation of the terms and conditions of the Options Cerro has on issue.
GRT Lawyers congratulates Cerro on this fantastic result, and looks forward to the next stage of the transaction. Cerro and GRT will return to the Federal Court of Australia on 8 May 2013 for the Second Court Hearing to seek Court Approval of the Schemes.
Cerro Resources NL is a dual listed global gold, silver and metals exploration and development company. Cerro Resources’ common shares trade under the symbol “CJO” on the ASX and TSX.V. Cerro Resources has 4 distinct properties based in two geographical locations: Mexico and Australia.
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