Nevsun, Reservoir shareholders approve sweetened offer

June 19, 2016

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The TSX-listed stock of base metals producer Nevsun Resources fell nearly 10% on Friday after the company announced a sweetened bid for Reservoir Metals that would give it control of a portfolio of development projects in Africa and Europe, including the flagship Timok copper/gold project, in Serbia. Reservoir on Friday said more than two-thirds of its shareholders had approved the takeover after Nevsun increased the original $365-million cash-and-scrip offer by $75-million in cash.

Category: General