Fox River Resources Corporation Obtains Interim Order for Plan of Arrangement and Provides Details of Special Meeting
Fox River secures court green light for shareholder vote on Avenir takeover, keeping C$94.3M all-cash deal on track.
Fox River Resources announced on May 20, 2026, that it has obtained an interim order from the Ontario Superior Court of Justice for a plan of arrangement with Avenir Minerals Limited. A special meeting of shareholders and optionholders is set for June 23, 2026, to vote on the previously announced all-cash acquisition at C$1.10 per share. Proxy voting closes June 19, and a final court order is expected on or about June 24. The board recommends voting in favor. This follows the May 4 definitive agreement, where Avenir agreed to acquire Fox River for approximately C$94.3 million on a fully‑diluted basis, a 20% premium to the 30‑day VWAP as of May 1.
The May 20 news is a procedural step that confirms the acquisition is progressing as planned. No new terms or material changes are introduced. It reinforces the high probability of deal completion, given that directors, officers (23.5%), Adrian Day Asset Management (14.7%), and Avenir itself (9.0%) have already committed their votes. The stock has traded near C$1.08‑1.09 since the May 4 announcement, closely tracking the C$1.10 offer price, indicating the market already prices in a near‑certain close. For existing shareholders, the update provides reassurance but no incremental upside. For new investors, the risk‑reward is unattractive: upside is capped at C$0.01 per share while downside would be severe if the deal fails.
Fox River Resources Corporation is a Canadian mineral exploration and development company, entirely focused on the Martison Phosphate Project near Hearst, Ontario. Martison is a large‑scale, road‑accessible phosphate deposit with the potential to produce both conventional phosphate fertilizers and, as demonstrated in November 2025, purified phosphoric acid (PPA) suitable for the lithium‑iron‑phosphate (LFP) battery supply chain. The company holds a 100% interest in the project. The acquisition by Avenir Minerals is explicitly framed as a platform entry into critical minerals, highlighting Martison’s strategic importance.