TVX, Echo Bay shareholders give the nod

TVX Gold (TVX-T) reports that shareholders have given the green light to the proposed three-way merger of their company with Kinross Gold (K-T) and Echo Bay Mines (ECO-T).

With Kinross’ recently approved three old for one new share consolidation, TVX shareholders will receive 2.1667 shares of Kinross for each TVX share.

In a later release, Kinross confirmed that Echo Bay shareholders also approved the deal. Echo Bay shareholders will get 0.1733 of a Kinross share for each of their shares.

Post merger, Kinross will have a market capitalization exceeding $2 billion and annual production of 2 million ounces of gold at total estimated cash costs of less than US$200 an ounce.