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LONDON - Bezant Resources Plc (AIM:BZT) announced Wednesday that the merger between Blackstone (NYSE:BX) Minerals Ltd and IDM International Limited has become effective after receiving court approval.
The Supreme Court of Western Australia approved the scheme of arrangement through which Blackstone will acquire 100% of IDM’s ordinary shares. IDM lodged the court orders with the Australian Securities and Investments Commission on June 18, making the scheme effective.
Under the merger terms, which were first announced on February 6, IDM shareholders will receive 7.4 Blackstone shares for every IDM share they hold. The scheme implementation is scheduled for June 27, with normal trading of Blackstone shares expected to resume on June 30.
Bezant, which holds its interest in the Mankayan Copper Gold project in the Philippines through IDM, will receive 139,365,659 Blackstone shares and 2,543,750 options to acquire Blackstone shares at AUD0.06, expiring on February 5, 2029. The options are in exchange for Bezant’s IDM shares and IDM options.
According to the ASX website, Blackstone’s closing share price on June 17 was AUD 9.1 cents (approximately 4.4 pence).
The merger completion timeline includes a record date of June 20 and an implementation date of June 27, though the company noted this timetable is subject to change.
This information is based on a press release statement from Bezant Resources.
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