Silver Hammer Mining (CSE: HAMR) and Stroud Resources (TSXV: SDR) have received overwhelming shareholder approval for the proposed amalgamation of Silver Hammer, Stroud, and SilverMark Resources, paving the way for the creation of Silver Frontier Resources.
The transaction was approved at annual and special meetings held by both companies, with Silver Hammer shareholders voting 96.88% in favour of the amalgamation and Stroud shareholders delivering near-unanimous support, with 99.999% voting in favour of the merger resolution.
Peter Ball, President and CEO of Silver Hammer, commented, “We are very pleased with the strong support from Silver Hammer and Stroud shareholders for the proposed transactions. The overwhelming support for these transactions is an important endorsement of the strategic direction we are taking and the opportunity to build a larger, more diversified and well-capitalized silver company. We believe the combination of Silver Hammer, Stroud and SilverMark creates a compelling platform with a strong portfolio of silver assets, an experienced team and significant opportunities for growth.”
Jeff Kennedy, Chairman of Stroud Resources and incoming chairman of Silver Frontier, commented, “We thank our shareholders for the strong support for this transaction. Bringing together Silver Hammer, Stroud and SilverMark creates a stronger platform to advance the Santo Domingo Project and gives our shareholders exposure to a broader portfolio of silver assets. We look forward to working with the Silver Hammer team to advance the combined company’s projects.”
Silver Hammer shareholders also strongly supported the company’s governance resolutions, re-electing directors Peter Ball, Alnesh Mohan, Donald Birak, and Michael Willett with more than 99% approval. Shareholders approved the proposed six-member board for the resulting company, which is expected to include Ball, Kennedy, Dr Scott Jobin-Bevans, Conor O’Brien, Birak, and Willett, all receiving more than 99% support.
At the Stroud meeting, shareholders approved all matters by more than 99% of votes cast, including the election of directors and reappointment of auditors. The amalgamation resolution also received the required minority shareholder approval under Canadian securities regulations.
The combined company, Silver Frontier Resources, aims to create a larger and more diversified silver-focused business with a portfolio of assets across multiple jurisdictions, including Stroud’s Santo Domingo Project and Silver Hammer’s existing project base.
Completion of the transaction remains subject to several closing conditions, including the completion of the previously announced brokered subscription receipt financing. Once finalized, the merger is expected to establish a stronger, better-capitalized silver explorer and developer with an expanded asset portfolio and enhanced growth opportunities.
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