Oro Gold Resources Ltd. (TSX VENTURE:OGR) reports the completion of its previously announced business combination with Oro Silver Resources Ltd.
Transaction was completed via a plan of arrangement that was approved by the shareholders of Oro Silver on October 12, 2010, received court approval on October 18, 2010 and TSX Venture Exchange (the "Exchange") approval on October 21, 2010. Oro Silver is now a wholly owned subsidiary of the Company.
The Transaction was approved by 98.76% of the eligible votes cast at the annual general and special meeting of the Oro Silver shareholders. Pursuant to the plan of arrangement, each Oro Silver shareholder has received 0.25 of an Oro Gold share for every Oro Silver share. All outstanding options and warrants to acquire common shares of Oro Silver have been exchanged for Oro Gold options and warrants to purchase 0.25 of one Oro Gold share in lieu of one Oro Silver option or warrant.
As of the close of business on October 21, 2010, the shares of Oro Silver have been delisted from the Exchange.
Further, the Company has announced that it has changed its name from "Oro Gold Resources Ltd." to "Oro Mining Ltd." At the opening of market of Friday, October 22, 2010, the Company's shares have commenced trading under the new name. The stock symbol "OGR" remains the same.
Source: Oro Gold Resources Ltd.