Spartan Resources (ASX:SPR) said that the Supreme Court of Western Australia made orders approving the proposed acquisition of all the issued shares in the company by Ramelius Resources (ASX:RMS) via a scheme of arrangement, according to a Monday Australian bourse filing.
The company expects to submit a copy of the court orders to the Australian Securities and Investments Commission on Tuesday, at which time the scheme will become legally effective.
It also expects that its shares will be suspended from trading on the Australian Stock Exchange on the same day.
Shares of Spartan fell nearly 3% while shares of Ramelius Resources fell 3% in recent Monday trade.
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