94.7% of Medoro Resources security holders and 87.36% of Gran Colombia Gold shareholders vote in favor of a merger between the two Canadian gold mining companies.
The two companies have major stakes in Colombia’s gold mines; Gran Colombia holds the largest underground gold and silver mining operation in Colombia, and Medoro is currently developing a major section of the Maramato gold district. The Maramato project is the largest open-pit mine located on Colombia’s northern coast.
Gran Colombia’s Executive Co-Chairman Serafino Lacono said in a statement Tuesday, “Gran Colombia shareholders and Medoro security holders recognized that the merger between Medoro and Gran Colombia will create Colombia’s premier gold producer with the resources, cost structure and financial strength to compete globally.”
Lacono went on to say that “the merger will create a stronger entity that will be better able to realize efficiencies and opportunities neither company could have realized on their own. Management will now focus on the integration of both companies operations, and will provide regular updates to the market to communicate progress at the exploration and production assets.”
The merger is expected to be completed on June 10, after the review of the Supreme Court of Yukon, the Toronto Stock Exchange (TSX), and the Superintendent of Industry and Commerce in Colombia.