Shareholders of Stockport Exploration voted 99 percent in favour of merging with Sona Nanotech at an annual and special general meeting last night.
The meeting, held at the Numus Financial Offices in Purdy’s Wharf, Halifax, was attended by 18 investors, as well as employees and board members from both companies.
If the deal passes all the relevant regulatory requirements, it should close within the next few weeks, paving the way for the merged company to publicly list on the TSX Venture exchange.
Darren Rowles, CEO of Sona Nanotech, said:
“We are delighted that the shareholders have agreed to the merger in such overwhelming numbers.
“We see the vote as also being a vote of confidence in our ambitious plans for Sona.
“This merger will give Sona a strong and stable financial foundation from which to build our brand in the life sciences market.”
Stockport CEO Jim Megann, who will now become a director of the newly merged company, said: “I am really excited about the opportunity this merger represents.
“Sona’s unique technology gives it an edge in a very competitive market, and in Darren Rowles, we have a CEO whose knowledge and experience can take the company to new heights.”
Sona’s research and production arm currently operate out of laboratory space in St. Francis Xavier University in Antigonish, where the company was originally founded.
It now plans to relocate its facilities and team to the Halifax-Dartmouth area and is actively looking for new premises.
Sona recently recruited a new nanotechnology scientist and is currently recruiting a new business development manager. It plans to recruit up to five new members of staff in total by the end of the calendar year.
The company expects to generate sustainable revenue within two to three years.