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The court approved a plan of arrangement under the Business Corporations Act following overwhelming shareholder approval.
The applicant, Royal Fox Gold Inc., sought court approval for a plan of arrangement with Northern Superior Resources Inc. under section 182 of the Business Corporations Act.
The court considered whether statutory procedures were met, the application was in good faith, and the arrangement was fair and reasonable, applying the test from *Re Magna International Inc.* and *BCE Inc. v. 1976 Debentureholders*.
The arrangement, which involved an exchange of shares and contingent value rights, received overwhelming shareholder approval.
The court found all requirements satisfied and granted the final approval order.
