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Loncor Gold Announces Shareholder Approval of Acquisition by Chengtun Mining
Newsfile· 2025-12-11 20:43
Core Viewpoint - Loncor Gold Inc. shareholders have overwhelmingly approved the acquisition by Chengtun Mining Group, with 99.70% of votes in favor at the special meeting [1][3]. Group 1: Acquisition Details - The acquisition requires at least 66 2/3% approval from shareholders present at the meeting, along with a simple majority excluding certain votes as per Multilateral Instrument 61-101 [2]. - The voting results showed 128,180,130 shares (99.70%) approved the acquisition, while 390,031 shares (0.30%) were against it [3]. - Excluding votes that needed to be excluded for minority approval, 98,012,721 shares (99.60%) were in favor [3]. Group 2: Next Steps - The transaction's closing is contingent upon receiving a final order from the Ontario Superior Court of Justice and meeting other conditions outlined in the arrangement agreement dated October 14, 2025 [3]. Group 3: Company Background - Loncor Gold Inc. is focused on gold exploration in the Ngayu Greenstone Gold Belt in the Democratic Republic of the Congo, with significant resources at the Imbo Project [5][6]. - The Adumbi deposit has an indicated mineral resource of 1.88 million ounces of gold, with an inferred resource of 2.09 million ounces [6]. Group 4: Chengtun Mining Overview - Chengtun Mining specializes in developing new energy metal resources, including mining and refining operations focused on copper, cobalt, and nickel, and has identified gold as a strategic area for future development [8].