Silver Lake shareholders approve merger

Shareholders of Silver Lake Resources have given the green light for the goldminer’s proposed merger with fellow mid-tier company Red 5.

Approximately 97 per cent of shareholders were in favour of the scheme of arrangement.

On February 5, both parties announced their intention to merge, with the combined entity at the time expected to have a market cap of around $2.2 billion.

As part of the deal, Red 5 will hold a 51.7 per cent stake in the new entity, with the remainder owned by Silver Lake, which was trading up 4 per cent to $1.50 per share as of 1.41pm WST.

Red 5 shares were up 1 per cent to 44 cents per share.