Metalla Royalty and Streaming Ltd. (CVE:MTA) announced Tuesday that shareholders of ValGold Resources Ltd. (CVE:VAL) have overwhelmingly voted to approve the agreement between Metalla Royalty and Streaming Ltd. and ValGold at the annual and special meeting of ValGold shareholders.
Metalla is aiming to acquire ValGold, a Toronto-based royalty and mineral exploration and development company, in an all-stock transaction, giving the Vancouver-based company exploration properties and a new royalty stream.
READ: Metalla spots a gap in the royalty and streaming market that is generating rapid portfolio growth
The arrangement was approved by 99.99% of the votes cast by Valgold shareholders.
Valgold's application to the Supreme Court of British Columbia to obtain the final order approving the arrangement is scheduled for July 26, 2018.
Assuming court approval is obtained and the other conditions of the arrangement are satisfied or waived, the arrangement is expected to become effective on or about July 31, 2018.
Shares of Metalla closed down 3.8% at C$0.75 on Tuesday.