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VANCOUVER - ValOre Metals Corp. (TSX-V:VO, OTCQB: KVLQF), a mining exploration company with a market capitalization of $271.77 billion and currently trading near its 52-week high, and South Atlantic Gold Inc. have mutually terminated their amalgamation agreement after South Atlantic shareholders failed to approve the proposed transaction at a meeting held Friday.
The termination, effective June 27, 2025, ends the previously announced plan whereby ValOre, which maintains a healthy P/E ratio of 13.3 and generated $2.13 billion in revenue over the last twelve months, would have indirectly acquired all issued and outstanding shares of South Atlantic. According to InvestingPro, ValOre has maintained consistent dividend payments for 22 consecutive years, currently offering a 1.68% yield.
The decision comes after South Atlantic shareholders did not adopt the special resolution required to approve the amalgamation at their annual general and special meeting.
ValOre, a Canadian mining exploration company, confirmed it will not proceed with the transaction following the shareholder vote outcome.
The original agreement would have combined the two mining exploration companies, but required shareholder approval from both parties to move forward.
The amalgamation would have expanded ValOre’s portfolio of mining projects, which currently focuses on properties with prior investment and established mineralization.
No reasons were provided for why South Atlantic shareholders voted against the proposed amalgamation.
This announcement was made through a press release statement issued by ValOre Metals Corp.
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