Plata Latina Minerals said World Copper secured an interim order from the Supreme Court of British Columbia that authorizes a special shareholder meeting on their previously announced transaction and the mailing of a joint management information circular.
The court signoff is a key procedural step toward Plata Latina acquiring the Zonia Copper Project in Arizona from World Copper by way of a plan of arrangement.
Plata Latina also confirmed that meeting materials are being mailed to investors and that it has set its own shareholder meeting for October 16 in Vancouver.
The interim order clears World Copper to put the arrangement to a shareholder vote. In a separate update, World Copper scheduled its special meeting for October 16 at 9:30 a.m. in Vancouver, where investors will vote on the arrangement resolution.
The company is seeking approval for a non-brokered private placement of up to 200 million units at 10 Canadian cents each, with each unit comprising one common share and a half warrant.
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It is also asking investors to approve issuing replacement options to certain World Copper option holders and to approve a corporate name change to Edge Copper Corporation, along with a consolidation of up to three existing shares into one post consolidation share.
Directors, officers, and certain shareholders who collectively hold about 43% of the outstanding shares have signed voting support agreements in favor of the proposals, according to the release.
The financing is intended to fund the cash portion of the consideration and initial work on Zonia after closing.
The circular notes that the name change and share consolidation are expected to occur immediately following the completion of the transaction and the financing, subject to stock exchange approval.
The company said closing is targeted for October, contingent on shareholder approval on both sides, court approval of the final order, completion of the financing, and customary exchange and regulatory consents.
Plata Latina and World Copper first outlined the transaction in late July as part of a plan to create a development focused copper company anchored by Zonia.
World Copper has reiterated that the arrangement is being carried out under the Business Corporations Act of British Columbia and detailed the location and time for its special meeting in its own communications.
While the companies are moving on parallel tracks, the interim order and coordinated meeting date reduce timing risk between the two votes.
If approvals are secured and the financing closes, Plata Latina would own Zonia and rebrand to Edge Copper, positioning the company as a single asset copper developer in a U.S. jurisdiction.
The capital raise at a fixed price sets a reference point for near term funding and signals how the company plans to finance both the transaction and early stage project work.
The voting support from a significant shareholder block provides a degree of visibility on the Plata Latina side, though final outcomes still depend on disinterested shareholder approval where required and on external clearances.
