Aurox Resources’ shareholders have “overwhelmingly” approved the proposed merger with Atlas Iron.
The company held an extraordinary general meeting in Perth last week to vote on the scheme of arrangement, which is worth about $143 million.
Around 99.9% of Aurox’s shareholders turned out for the ballot, and every one of them voted in favour of the merger.
Under the Scheme, shareholders will receive one Atlas share for every three Aurox shares they hold.
“Through approving the proposed merger with Atlas, Aurox shareholders have recognised the future benefits the board believes such a merger will generate,” the company’s managing director Charles Schaus said.
“The platform and prospects of Atlas following the merger should deliver Aurox shareholders greater value with lower risk.”
The Federal Court of Western Australia will hold a hearing later this week on the 12 August to pass their judgement on the merger.