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Shares in Meridian Minerals Limited (ASX:MII) closed higher yesterday after the mineral explorer said its suitor and largest shareholder has been given the green light from the Chinese government and regulators.
Northwest Nonferrous Australia Mining offered Meridian Minerals 14 cents per share in July, valuing the company at $68 million.
Meridian managing director, Jeremy Read, says obtaining the approvals is a significant and critical step in implementing the proposed deal which will be put to a Meridian shareholder vote today.
Australia's Foreign Investment Review Board approved the deal in September and the Federal Court of Australia's approval will be sought next week.
In the year to June 30, 2011 Meridian Minerals reported a net loss of $13.2 million.
