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TORONTO, April 17, 2018 (GLOBE NEWSWIRE) -- BRIO GOLD INC. (TSX:BRIO) ("BRIO GOLD" or the "Company") is pleased to announce that it has obtained a final order from the Ontario Superior Court of Justice (Commercial List) approving its previously announced plan of arrangement (the "Arrangement") with Leagold Mining Corporation ("Leagold"), whereby Leagold will acquire all of the issued and outstanding shares of Brio Gold pursuant to an arrangement agreement dated February 15, 2018. Receipt of the final order follows the Company's special meeting of shareholders (the "Meeting") held on April 12, 2018 where the special resolution approving the Arrangement was overwhelmingly approved by 99.99% of the votes cast at the Meeting.
On closing of the Arrangement, Brio Gold shareholders will receive, for each Brio Gold common share held, 0.922 of a Leagold common share and 0.4 of a Leagold share purchase warrant, with each full share purchase warrant being exercisable to acquire one common share of Leagold at a price of C$3.70 for a period of two years from the closing of the Arrangement. Subject to the receipt of all approvals, the Arrangement is expected to be completed in the second quarter of 2018.
About Brio Gold
Brio Gold is an established Canadian mining company with significant gold producing, development and exploration stage properties in Brazil. Brio Gold's portfolio includes three operating gold mines and a fully-permitted, fully-constructed mine that was on care and maintenance and currently is in development to be re-started. Brio Gold is expected to produce 205,000 to 235,000 ounces of gold in 2018 and at full run-rate is expected to produce approximately 400,000 ounces of gold annually in 2019.