Swala Shareholders Approve Acquisition by Concordia; Shares of Concordia Nearing Year Lows
Concordia Resource Corp. (CCN.V) today announced that the shareholders and other securities holders of Swala Resources Inc. have voted unanimously in favor of the acquisition of Swala by Concordia.
Toby Mayo, President of Concordia, said the acquisition "will place the combined company in an exceptional position to take advantage of current market conditions and to finance the development of our new portfolio of West African projects, especially the flagship Kerboule gold project in Burkina Faso."
CCN shares went down 5% to $0.455 from the 48 cents December 23 close, nearly touching year low 43 cents.
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