Gatos Silver, Inc. (NYSE: GATO) (TSX: GATO) has announced that its stockholders have approved the proposal related to the previously announced merger agreement between First Majestic Silver Corp. and Gatos Silver. Approximately 71.3% of the outstanding Gatos Silver shares were voted in favor of the merger resolution.
Upon the consummation of the merger, Gatos Silver stockholders will receive 2.55 First Majestic shares for each Gatos Silver share held, with any fractional shares to be paid in cash, without interest. The closing of the transaction is expected to occur prior to market open on January 16, 2025, subject to the satisfaction or waiver of the remaining customary closing conditions.
Gatos Silver is a silver dominant exploration, development, and production company that discovered a new silver and zinc-rich mineral district in southern Chihuahua state, Mexico. As a 70% owner of the Los Gatos Joint Venture (LGJV), the company is primarily focused on operating the Cerro Los Gatos mine and on growth and development of the Los Gatos district.
First Majestic shareholders have also approved the issuance of up to 190,000,000 common shares of First Majestic in connection with the merger agreement at its special meeting.
The final voting results will be reported on a Form 8-K filed with the Securities and Exchange Commission. Following these announcements, the company's shares moved -2.7%, and are now trading at a price of $14.46. If you want to know more, read the company's complete 8-K report here.
