Alto Metals (ASX:AME) said that the Supreme Court of Western Australia has approved the scheme of arrangement enabling Brightstar Resources (ASX:BTR) to acquire 100% of the shares in Alto.
The court decision marks a step forward in the acquisition process.
The company expects to lodge the court's orders with the Australian Securities and Investments Commission by Dec. 2.
Upon lodging, the scheme will become legally binding, resulting in the suspension of Alto shares from trading on the ASX at the close of business on Dec. 2.
Key dates for the scheme's implementation have been outlined, with the record date set for Dec. 4 and the implementation date on Dec. 9.
Alto will be removed from the ASX official list post-implementation, on Dec. 10.
"The court's approval is a crucial step in finalising the acquisition by Brightstar," said Matthew Bowles, Managing Director and CEO of Alto Metals.
The approved timeline remains indicative, subject to potential variations approved by Brightstar, the court, and ASIC.
Alto Metals is an ASX-listed gold explorer that owns the Sandstone Gold Project located in the east Murchison of Western Australia.
At the time of reporting, Alto Metals' share price was $0.091.