VANCOUVER, British Columbia, June 01, 2021 (GLOBE NEWSWIRE) -- Gold X Mining Corp. (TSXV: GLDX) ("Gold X") is pleased to announce that it has obtained a final order from the Supreme Court of British Columbia approving the previously announced plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia) pursuant to which Gran Colombia Gold Corp. ("Gran Colombia") will acquire all of the issued and outstanding common shares of Gold X (the "Gold X Shares") not already owned by Gran Colombia in exchange for Gran Colombia common shares ("Gran Colombia Shares") on the basis of 0.6948 of a Gran Colombia Share for each Gold X Share.
The Arrangement was previously approved by the Gold X shareholders at the special meeting of Gold X shareholders held on May 27, 2021.
Subject to the satisfaction or waiver of customary closing conditions, Gold X currently expects that the Arrangement will become effective at 12:01 a.m. on June 4, 2021. Following completion of the Arrangement, it is expected that Gold X will be de-listed from the TSX Venture Exchange and Gold X will make the applications to the relevant securities regulatory authorities in Canada to cease to be a reporting issuer for the purposes of securities legislation.
Further information regarding the Arrangement is contained in the management information circular of Gold X in respect of the Arrangement, which is available under Gold X's profile on SEDAR at www.sedar.com