Shareholders have approved the acquisition of Claude Resources of Saskatoon by Vancouver-based Silver Standard Resources.
The two companies say this is pursuant to a plan of arrangement to create a high-quality intermediate precious metals producer with assets in the Americas. All of the Claude Resources issued and outstanding common shares will be exchanged on the basis of 0.185 of a Silver Standard common share and 0.001 cent in cash per Claude Resource common share. The transaction is expected to close May 31st, following receipt of final court approval and other customary closing conditions.
The companies have operating mines in Canada, the United States and Argentina. Claude has two gold operations in Northeastern Saskatchewan. It’s estimated the combined operation would produce the equivalent of 390,000 ounces of gold.