The company’s shareholders, who hold more than 68% of outstanding shares, said they would vote in favour of the transaction at a special meeting on September 26.
The deal is also pending the approval of the Toronto Stock Exchange.
“The board and management are of the opinion that the purchase price represents fair and adequate consideration for the company’s interest in PRC,” NEMI said.
“The company [also] understands that Anglo American has also agreed to purchase Hillsborough's interest in PRC.”
PRC, based in the Peace River region of northeastern British Columbia, is a partnership of NEMI, Anglo American ¬– which holds a 74% interest, and Hillsborough Resources ¬– which holds a 12.99% interest.
Operations include the Trend, Belcourt-Saxon, Roman Mountain and Horizon complexes.
