Central Sun Shareholders Approve Business Combination with B2Gold Corp.
March 21, 2009 Filed Under: Precious Metal
B2Gold Corp. and Central Sun Mining Inc. announce that Central Sun shareholders have voted in favour of the previously announced business combination between Central Sun and B2Gold at a special meeting of Central Sun security holders held today in Toronto. The Transaction was approved by 99% of the votes cast representing 57% of Central Sun’s outstanding shares.
The completion of the Transaction remains subject to a final hearing by the Ontario Superior Court of Justice (Commercial List) currently expected to take place on March 25, 2009, with closing of the Transaction expected to occur shortly thereafter. The Transaction is structured as a Plan of Arrangement under the Canada Business Corporations Act between B2Gold, Central Sun and 4485394 Canada Inc. a wholly-owned subsidiary of B2Gold.
Upon completion of the transaction, the combined company will have immediate annual gold production of 45,000 ounces which is expected to increase to an annual rate of 130,000 ounces in the fourth quarter of 2009 and will have significant reserves and resources with a strong portfolio of mining, development and exploration assets in Colombia, Nicaragua and Northeastern Russia.