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Havilah Resources Ltd

Havilah Resources shareholders vote against SIMEC transaction resolution

Although a majority of individual shareholders (close to 60%) voted in favour of the proposed transaction, one of the large shareholders voted against the deal.

Havilah Resources shareholders vote against SIMEC transaction resolution
Havilah will move in a different direction to extract value from its inground mineral deposits

Havilah Resources Ltd’s (ASX:HAV) resolution for the approval of the proposed investment in Havilah of up to $100 million by OneSteel Manufacturing Pty Ltd (SIMEC), a member of the GFG Alliance has not been passed by shareholders at the EGM.

Although a majority of individual shareholders (close to 60%) voted in favour of the proposed transaction, one of the large shareholders voted against the deal.

The vote against the resolution now requires Havilah to move in a different direction to extract value from its inground mineral deposits.

Furthermore, as a result of this outcome, the $5 million pro-rata rights issue, which was to be undertaken as part of the proposed transaction at a discount to 15.4 cents per share, will no longer be proceeding.

Quick facts: Havilah Resources Ltd

Price: $0.12

Market: ASX
Market Cap: $26.19 m
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