Macusani Yellowcake Inc. (TSXV:YEL,FWB:QG1) and Southern Andes Energy Inc. (TSXV:SUR) respective shareholders have approved the previously announced merger of the two companies. Macusani will acquire all of the outstanding common shares of Southern Andes and upon completion of the Merger, shareholders of Southern Andes will receive 0.8 of a common share of Macusani for each common share of Southern Andes held.
As quoted in the press release:
At the Macusani meeting, 100% of the votes cast by shareholders were voted in favour of the Merger and the issuance and reservation for issuance of the common shares of Macusani in connection with the Merger. Shareholders representing 56% of the outstanding shares of Macusani were represented at the meeting.
At the Southern Andes meeting, in excess of 99% of the votes cast by shareholders voted in favour of the Merger. In addition, shareholders of Southern Andes also approved the reduction of stated capital necessary to effect the distribution to shareholders (the “Caracara Distribution”), as a return of capital, of 33,333,333 common shares held in the capital of Caracara Silver Inc. (TSXV:CSV) (“Caracara”).
Following such approvals, the board of directors of Southern Andes approved the Caracara Distribution which will be payable on April 12, 2012 to Southern Andes common shareholders of record at the close of business on April 10, 2012. The Southern Andes common shares will commence trading on an “ex-distribution” basis on the TSX Venture Exchange at the opening of trading on Thursday, April 5, 2012. Based on the number of currently outstanding Southern Andes common shares, shareholders of Southern Andes will receive approximately 0.45 of a common share of Caracara for each common share of Southern Andes held. No action on the part of Southern Andes shareholders of record on April 10, 2012 is required to receive the Caracara shares.