Atlantic Ltd. (ASX:ATI) announced that its the Windimurra vanadium-iron ore project was approved by over 99 percent of creditors of both Midwest Vanadium Pty Ltd. and Atlantic Vanadium Holdings Pty Ltd. at a meeting on February 12.
As quoted in the press release:
Droxford [International Ltd., Atlantic’s major shareholder and creditor,] and Atlantic will proceed to execute definitive documentation including (among other things) the deed of company arrangement with the Administrators and Receivers and Managers of MVPL and AVHPL and an asset sale agreement under which a newly incorporated 100% wholly-owned subsidiary of Atlantic will acquire the Windimurra vanadium and iron ore project.
The transaction is subject to a number of other conditions precedent and Atlantic will update the market further as the transaction proceeds.
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