Two proxy advisory firms back Hudbay-Mason deal
Proxy advisory services firms Institutional Shareholder Services and Glass Lewis & Co have recommended that Mason Resources shareholders vote for the transaction in which the company will be acquired by Hudbay Minerals.
The plan of arrangement between the companies were announced on November 1, with Hudbay set to acquire all the shares of Mason for C$0.40 a share.
Mason shareholders will vote on the arrangement on December 17, in Vancouver.
The company owns the Mason Ann copper project in Arizona, in the US, with a measured and indicated mineral resource of 1.4-billion tonnes, grading 0.32% copper, 0.006% molybdenum, 0.03 g/t silver and an inferred resource of 623-million tonnes grading 0.29% copper, 0.007% molybdenum, 0.03 g/t gold and 0.66 g/t silver.
Waterton Global Resource Management previously requested Hudbay to refrain from making any near-term acquisitions and has also requested a board overhaul. Hudbay has set February 28 for a special meeting to consider Waterton’s resolutions.
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