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Maverix Metals shareholders clear the way for takeover by Triple Flag 

Last updated: 06:45 13 Jan 2023 EST, First published: 06:40 13 Jan 2023 EST

Maverix Metals Inc -

Maverix Metals Inc (TSX:MMX) has said that shareholders voted overwhelmingly in favor of its proposed $600 million takeover by Triple Flag Precious Metals Corp at a special meeting conducted on January 12, 2023.  

The streaming company noted that the acquisition by way of a plan of arrangement was approved by over 98% of the votes cast by shareholders. Votes at the meeting were taken by poll online, and proxies were received by Maverix prior to the meeting, it added.

"I would like to personally thank all of our shareholders for their support of Maverix, and in particular their overwhelming support of the transaction with Triple Flag,” Maverix chair Geoff Burns said in a statement. “I would especially like to acknowledge our long-term strategic shareholders, Newmont, Pan American Silver and Kinross, for the trust they placed in us.”

READ: Maverix Metals shares soar after streaming company announces acquisition by Triple Flag Precious Metals for US$600M

Maverix also reported that the Canadian Competition Bureau has issued a "no action" letter clearing the arrangement under Canadian competition law. As well, the waiting period in respect of Maverix's filing under the US Hart-Scott-Rodino Antitrust Act Improvements Act of 1976, as amended, has expired, the company said.

Under the arrangement, shareholders of Maverix were able to elect to receive either US$3.92 in cash or 0.360 of a common share of Triple Flag per Maverix share held. 

In both cases, the consideration was subject to pro-ration such that the cash consideration will not exceed 15% of the total consideration and the share consideration will not exceed 85% of the total consideration.

The completion of the arrangement is subject to final approval of the arrangement by the Ontario Superior Court of Justice and the satisfaction or waiver of the other customary conditions to completion of the arrangement. 

Following the completion of the arrangement, Maverix expects to delist its common shares from the Toronto Stock Exchange and the NYSE American. It said it will also apply to the Canadian securities regulators for it to cease to be a reporting issuer in the applicable jurisdictions following the completion of the arrangement.

When they announced the deal in November, the companies said the transaction will position Triple Flag as the leading emerging senior streaming and royalty company.

“I am truly excited by the bright future that lies ahead for Triple Flag, with the Maverix portfolio now added into its already growing and diversified asset base,” Burns concluded.

Maverix Metals is a gold-focused royalty and streaming company with a globally diversified portfolio of over 140 assets. The company's mission is to increase per-share value by acquiring precious metals royalties and streams.

Contact the author at stephen.gunnion@proactiveinvestors.com

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