Prism shareholders approve royalty sale to Agnico Eagle
Canadian precious metals explorer and developer Prism Resources’ shareholders have voted in favour of the previously announced sale of its right, title and interest in and to a 7.5% net profit interest royalty over certain properties in the Porcupine Mining District of Ontario, which constitutes substantially all of the assets of the company, to Agnico Eagle Mines for $5-million.
The voting took place at the company’s annual general and special meeting of shareholders, held on July 23.
All other motions tabled at the meeting, including the election of Brian Kerzner, Timothy Moody, Robert Parsons, Scott Ross and Patrick Evans to the board, the appointment of Crowe MacKay as Prism’s auditor and the re-approval of the company’s stock option plan, also passed.
Completion of the royalty transaction is subject to the satisfaction of customary closing conditions for a transaction of this nature, including final approval of the TSX-V.