De Grey Mining (ASX:DEG) said the first court hearing approved the scheme booklet for Northern Star Resources' (ASX:NST) proposed acquisition of all of its shares under a scheme of arrangement in the March quarter, according to a Friday Australian bourse filing.
Notices of the scheme meeting and the scheme booklet have been dispatched to shareholders on March 17, with the scheme meeting scheduled to be held on April 16.
De Grey's directors continue to unanimously recommend that its shareholders vote in favor of the acquisition. The firm is also continuing documentation for the senior debt facility with syndicate support while the scheme with Northern Star progresses.
During the quarter, the firm also continued to engage with a range of stakeholders in support of the approvals process for the Hemi gold project in Western Australia.
De Grey Mining's shares fell almost 6% in recent Monday trade, while Northern Star Resources' shares tumbled nearly 7%.
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