Toronto-PhosCan Chemical Corp. announced March 4 that shareholders of PhosCan have approved the arrangement between PhosCan and Baltic Resources Inc. to implement the merger originally announced on Oct. 29, 2007. Per the arrangement, PhosCan will acquire Baltic’s 50-percent interest in the Martison Phosphate Project, such that PhosCan will then hold a 100 percent interest. Shareholders also approved the election of James Gowans as a director of PhosCan, and conditional upon completion of the arrangement, the election of Donald McKinnon, Chris Hodgson and Gordon McKinnon as directors of PhosCan, and the amendment of PhosCan’s stock option plan. Baltic shareholders also approved the deal March 4. The closing of the arrangement is expected for March 10. The Martison Phosphate Project, near Hearst, Ont., entails the development of a phosphoric acid plant, utilizing the Martison phosphate deposit and sulfuric acid from Ontario base-metal smelters.
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