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Flinders gets green light for Tasman Metals takeover from shareholders

Flinders Resources shares were up 3% on Friday after reporting that Tasman Metals shareholders approved their company’s takeover at an AGM on Thursday

Tasman says yes to takeover by Flinders

Flinders Resources (CVE:FDR) shares were up 3% on Friday after reporting that Tasman Metals Ltd. (CVE:TSM) shareholders approved their company’s takeover at an AGM on Thursday.

Under the deal, Flinders will acquire all the common shares of Tasman after the latter’s shareholders voted overwhelmingly in favour of a special resolution to approve the arrangement.

The arrangement remains subject to certain conditions, including final acceptance from the TSX Venture Exchange and a final order of the Supreme Court of British Columbia. A court hearing for the final order to approve the arrangement is scheduled to take place on Aug. 23, or such other date as the Tasman directors may by resolutions decide.

Provided that all conditions to completion of the arrangement are satisfied or waived, on the effective date of the arrangement, each shareholder of Tasman will receive 0.5 of a Flinders share for each Tasman share held immediately prior to the effective date of the arrangement.

At the meeting on Thursday, Mark Saxon, Nick DeMare, Michael Hudson, David Henstridge and Robert Atkinson were elected to serve as directors of Tasman for the forthcoming year.

Shareholders of Tasman also voted to reapprove Tasman's 10% rolling stock option plan, and approved the appointment of D+H Group LLP, chartered accountant, as the auditor of Tasman for the ensuing year and the authorization for the directors of Tasman to fix its remuneration.

Subsequent to the meeting, Tasman's directors appointed Saxon as president and chief executive officer, DeMare as chief financial officer, and Mariana Bermudez as corporate secretary of Tasman.

Atkinson, Henstridge and Hudson were appointed as members of Tasman's audit committee.

Flinders shares were up 3.2% at C$0.48 on Friday.

Quick facts: Leading Edge Materials Corp.

Price: 0.125 CAD

Market: TSX-V
Market Cap: $14.21 m

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