Shareholders for Sudbury miner FNX Mining Company and British Columbia-based Quadra Mining Ltd. voted to approve a merger to create what will be known as Quadra FNX Mining Ltd.
Quadra shareholders approved the deal with a 97.2 per cent vote in favor, while FNX shareholders approved with a 96.8 per cent vote.
Under the terms of the deal, each share of FNX will be exchanged for 0.87 shares of Quadra and $0.0001. Court approval will be sought on May 20, with the transaction expected to close the following day.
The merger was first announced in March. By 2011, the first year of combined production, the new company will have $1.5 billion in revenue, with an estimated annual production of 300-million pounds of copper and 150,000 ounces of precious metals.
