ScoZinc Securityholders Approve Arrangement with Fancamp
Halifax, Nova Scotia--(Newsfile Corp. - April 12, 2021) - ScoZinc Mining Ltd. (TSXV: SZM) ("ScoZinc" or the "Company") is pleased to announce that, at the Company's Extraordinary General Meeting held on April 12, 2021, its securityholders voted overwhelmingly in favour of the resolution approving the arrangement agreement pursuant to which, inter alia, Fancamp Exploration Ltd. ("Fancamp") will indirectly acquire all of the issued and outstanding common shares of ScoZinc on the basis of 6.0 Fancamp ordinary shares for each ScoZinc common share (the "Arrangement").
The President and CEO, Mr. Mark Haywood, commented: "ScoZinc received 99.80% voting support from its securityholders for the proposed business combination with Fancamp. Like our securityholders, I believe that the business combination with Fancamp will unlock considerable value and establish a proven board and management team with high governance standards and extensive mining industry experience.
"We expect that the transaction with Fancamp will close this month, and that the resulting business combination will create significant transformational value for both ScoZinc & Fancamp securityholders as we focus our teams and advance our combined projects."
The Extraordinary General Meeting ("EGM") of shareholders occurred on April 12, 2021. The Arrangement required the approval of: (a) 662/3% of ScoZinc's shareholders ("Shareholder Approval"); (b) 662/3% of ScoZinc's shareholders, warrantholders, optionholders and RSUholders voting as a single class ("Securityholder Approval"); and (c) approval by a simple majority of 50% plus one vote of ScoZinc's shareholders, excluding shares held or controlled by Messrs. Ashwath Mehra and Mark Haywood ("Majority of the Minority Approval"). The voting results are as follows:
|Arrangement Approvals||Votes For||% Votes For||Votes Against||% Votes Against||Result|
|Majority of the Minority Approval||15,744,192||99.75%||40,212||0.25%||Approved|
The Arrangement is expected to close in April 2021, subject to the satisfaction of customary closing conditions, including receipt of the final court approval. Further information regarding the Arrangement is contained in ScoZinc's Management Information Circular dated March 15, 2021.
About ScoZinc Mining Ltd.
ScoZinc is a Canadian exploration and mining company that has full ownership of the Scotia Mine and related facilities near Halifax, Nova Scotia. ScoZinc also holds several prospective exploration licenses nearby its Scotia Mine and in surrounding regions of Nova Scotia.
The Company's common shares are traded on the TSX Venture Exchange under the symbol "SZM".
For more information, please contact:
President & Chief Executive Officer
Chief Financial Officer
VP Investor Relations
The Company's corporate filings and technical reports can be viewed on the Company's SEDAR profile at www.sedar.com. Further information on ScoZinc is also available on Facebook at www.facebook.com/ScoZinc, Twitter at www.twitter.com/ScoZincMining, and LinkedIn at www.linkedin.com/company/scozinc-mining-ltd.
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