Battle North shareholders approve Evolution takeover
Evolution Mining Limited says a meeting held on 11 May 2021, Battle North Gold Corporation shareholders voted in favour of Evolution acquiring all of the outstanding shares of Battle North at a price of C$2.65 per common share in cash for a total consideration of approximately C$343 million. Approximately 65% of the issued capital of Battle North was voted on with 99.8% voting in favour.The Transaction remainssubject to approval ofthe Supreme Court of British Columbia(“the Court”) at a hearing which is scheduled for17 May 2021. If approved by the Court, the Transaction is expected to be completed on 19 May 2021.Commenting on the Battle North shareholder approval, Executive Chairman Jake Klein said:“It’s pleasing to see theoverwhelmingly positive support for the Transaction fromBattle North shareholders.This acquisition provides Evolution with an opportunity to expand our footprint in the Red Lake region and create value by leveraging the infrastructure of the two operations. The additional processing capacity from the new Bateman mill will also accelerate our ability to achieve our objective of producing in excess of 300,000 ounces of gold per annum from Red Lake.”
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