In a joint news release, Sierra Minerals Inc. (TSX: SIM) and Goldgroup Resources Inc., a privately-held British Columbia company, announced that all resolutions with respect to their previously announced business combination were overwhelmingly supported by votes cast by shareholders of both companies.
Under the Arrangement, Goldgroup shareholders will receive one post-consolidation common share of Sierra (being common shares of Sierra consolidated on a 2.85:1 basis) for each common share of Goldgroup held, as more particularly described in the joint management information circular of Sierra and Goldgroup dated March 25, 2010. The Arrangement remains subject to the approval of the British Columbia Supreme Court. A hearing on the Arrangement will be held on April 28, 2010 for the Final Order approving the Arrangement. Closing of the transaction is anticipated to occur on or about April 30, 2010.