Jackson, Scimitar merger to go ahead

Shareholders in Jackson Minerals have overwhelmingly voted in favour of a merger with Scimitar Resources, with Tony Sage to head up as executive chairman of the combined entity.

At a meeting held in Perth this morning, around 98 per cent of shareholders voted in favour of a merger between the two WA companies.

The merger still needs Federal Court approval for the scheme of arrangement, and a hearing has been set for June 3 2009.

The merger was first flagged in December last year and Scimitar is offering one of its shares for every 7.5 shares in Jackson.

An independent valuation deemed the merger fair and reasonable.

The merged entity, to be known as Cauldron Energy, will focus on uranium exploration and hold assets in Australia and Argentina.