B2Gold expects the acquisition to help diversify its assets. Credit: istara from Pixabay.

Sabina Gold & Silver (SBB) has confirmed that its shareholders have approved B2Gold’s proposed acquisition of the company for $891m (C$1.2bn).

The shareholders of Sabina approved B2Gold’s takeover proposal by an ‘overwhelming’ vote of 88.65% while 11.35% voted against it.

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Announced in February 2023, the deal is now expected to close by 19 April.

According to the agreement, Canada-based B2Gold will acquire all issued and outstanding SBB common shares via a plan of arrangement.

In exchange, B2Gold will issue 0.3867 of a common share for each Sabina common share held, at C$1.87 per Sabina Share on a fully diluted basis.

B2Gold expects the acquisition to help diversify its assets with access to the Back River Gold District in Nunavut, Canada.

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The Back River Gold District comprises five mineral claim blocks along an 80km belt.

SBB president and CEO Bruce McLeod said: “Without their backing, and the significant talent of our Sabina employees over the years, the Back River Gold District would not be the world-class asset that it is today.

“B2Gold’s involvement as an intermediate producer with greater financial capacity provides additional de-risking of the project and leaves Sabina shareholders with a meaningful stake in the combined company.

“As an all-share-based transaction, the implied value of the offer is $2.20 per share or $1.2bn.”

Upon completion of the deal, existing B2Gold shareholders and former Sabina shareholders will respectively own 83% and 17% of the outstanding shares in B2Gold.