What's Going With Roxgold?
Roxgold (ROGFF) announced its shareholders, as well as shareholders of Fortuna, approved a deal in which Fortuna acquires of all of the outstanding common shares of Roxgold by way of a business combination. Shares of the company were trading lower -1.31% to $1.51 a share on Tuesday.
What Does This Mean For RoxGold?
Upon completion of the arrangement, all current Fortuna shareholders and former Roxgold shareholders will be entitled to roughly 63.6% and 36.4% of the outstanding Fortuna Shares. Fortuna will continue operating as "Fortuna Silver Mines Inc." with the ticker symbol "FVI" on the Toronto Stock Exchange and "FSM" on the New York Stock Exchange, and Roxgold will become a wholly-owned subsidiary of Fortuna. Roxgold will be delisted from the Toronto Stock Exchange and an application will be made for Roxgold to cease to be a reporting issuer.
Institutional Shareholder Services Inc. and Glass, Lewis & Co., LLC (“Glass Lewis”), two major proxy advisory firms who provide independent voting recommendations to institutional investors, previously recommended that Fortuna and Roxgold shareholders vote in favor of the companies´ respective resolutions in connection with the proposed business combination.
Roxgold Inc., a gold mining company, engages in the exploration, evaluation, and development of mineral properties.
ROGFF has a Short-Term Technical Rank of 60. Find out what this means to you and get the rest of the rankings on ROGFF!
Roxgold Inc is a Canadian gold mining company. It is engaged in acquiring and exploring mineral properties. The company has two reportable segments; Mining operations and Exploration and evaluation of mineral properties, located in Burkina Faso. Its key asset is the Yaramoko Gold Mine, located in the Hounde greenstone belt of Burkina Faso, West Africa, and Seguela Gold Project located in Cote d'Ivoire, West Africa. The company's primary income is derived from the sale of gold.
