2552883 Ontario Inc. completed the acquisition of 55 North Mining Inc. from Bruce Reid and others in a reverse merger transaction.
The issuance of shares by 55 North in connection with the transaction is subject to the approval of a majority of the votes cast by shareholders of 55 North voting in person or represented by proxy at a special shareholders' meeting to be held on August 10, 2020. In addition to shareholder approvals, the transaction will be subject to applicable regulatory approvals and the satisfaction of certain other closing conditions customary. As of August 2, 2020, all of the shareholders of 2552883 Ontario Inc. approved the Amalgamation. As of the annual and special meeting of 55 North's shareholders held on August 10, 2020, the Amalgamation was approved by a majority of disinterested shareholders in accordance with Multi-lateral instrument 61-101 Protection of Minority Security Holders in Special Transactions. The Amalgamation was approved by more than 99% of the votes cast in person by proxy by disinterested persons voting. The closing of the transaction is expected in August 2020.
2552883 Ontario Inc. completed the acquisition of 55 North Mining Inc. from Bruce Reid and others in a reverse merger transaction on September 2, 2020. As part of the transaction, 55 North Mining consolidated its outstanding common shares effective September 2, 2020, on the basis of one post-consolidation common shares for every 10.13 pre-consolidation common shares. In accordance with the terms of the Amalgamation, 55 North acquired all of the issued and outstanding common shares of 2552883 Ontario on the basis of one Post-Consolidation Share issued for each 2552883 Ontario Private Share outstanding immediately prior to the Amalgamation. As a result, 70.49 million Post-Consolidation Shares were issued giving the shareholders of 2552883 Ontario control of approximately 89.99% of the issued and outstanding share capital of 55 North Mining as at the effective date of the Amalgamation.