Gowest Gold obtained Ontario court approval last week to take the company private.
The Toronto gold mine builder said on Sept. 16 it obtained a final order from the Ontario Superior Court of Justice for a group of existing shareholders to acquire all of the common shares it does not own for $0.15 cents a share.
Gowest’s primary asset is the Bradshaw mine project, 30 kilometres north of Timmins. The development has seen its share of cash issues, management shuffles and construction stops and restarts.
The “acquiring group” is comprised of Lush Land Investment Canada Inc., Greenwater Investment Hong Kong Limited, 1000216244 Ontario Inc., Debao Wang, Yun Zhao, Fortune Future Holdings Limited, Meirong Yuan, C. Fraser Elliott and CFE Financial, a corporation controlled by Elliott. Collectively, they controlled 91.5 per cent stake in the company.
This arrangement was approved by shareholders and warrantholders of Gowest on Sept. 5.
Gowest shares will be delisted from the TSX on Sept. 24. The company said it will submit an application to securities regulators to terminate its public reporting obligations.
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