Poseidon Nickel (ASX:POS) along with Horizon Minerals (ASX:HRZ) said the Supreme Court of Western Australia on Friday approved the companies' proposed merger, via a share scheme of arrangement, according to a same-day filing with the Australian Securities Exchange.
The companies said the scheme will become effective Feb. 10, after the filing of the court orders with the Australian Securities and Investments Commission, the filing said.
Poseidon's shares and listed options are expected to be suspended from trading as of market close on the same day, the filing added.
Shares of Poseidon Nickel rose 38% at market close.
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