Canadian Gold Corp. Announces Shareholders Approve Arrangement with McEwen

On December 5, 2025, Canadian Gold Corp. (CGC) announced that its shareholders have overwhelmingly approved the proposed business combination with McEwen Inc. (MUX). The approval was obtained via a statutory plan of arrangement, with 99.998% of votes cast in favor. Disinterested shareholders also approved the arrangement with 99.996% of votes in favor.

The deal, which will see each CGC shareholder receive 0.0225 common shares of McEwen, is now subject to final court and TSX Venture Exchange approvals. The final court order is anticipated on or about December 10, 2025, and the transaction is expected to close around January 5, 2026.

The shareholder approval is a critical and necessary step toward the closing of the acquisition by McEwen Inc. However, this outcome was widely expected and should be considered a routine, procedural milestone rather than a material, market-moving event.

The market's significant reaction occurred on October 14, 2025, when the definitive agreement was announced, causing the stock to gap up from approximately $0.50 to an open of $0.55 and a high of $0.64. The approval was largely a foregone conclusion given the significant ownership stakes held by the acquirer, McEwen Inc. (5.6%), and its Chairman and Chief Owner, Robert McEwen (32.5%). The overwhelming support from disinterested shareholders validates the deal's fairness but was also anticipated.

This news de-risks the transaction by satisfying a major closing condition. The remaining approvals (court and exchange) are typically formalities. As a result, the arbitrage spread between CGC's share price and the implied value from McEwen's shares may tighten slightly, but a significant re-rating is not expected. The stock's performance is now almost entirely tied to the share price of McEwen Inc. until the transaction closes. The news is positive as it confirms the deal is proceeding as planned, but its impact has already been priced in.

Canadian Gold Corp. is a junior mineral exploration company focused on advancing its 100%-owned flagship asset, the Tartan Lake Gold Mine project, located near Flin Flon, Manitoba. The project is a former-producing high-grade gold mine (1987-1989) with significant existing infrastructure, including a ramp, road access, and power.

Over the past year, the company has executed a successful exploration strategy, consistently reporting high-grade drill intercepts that have expanded the known mineralization at the Main and South zones both at depth and along strike. Key results included 12.3 g/t Au over 14.0 m (Nov 27), 9.4 g/t Au over 3.3 m (May 12), and 19.4 g/t Au over 4.5 m (Feb 10). This exploration success culminated in the acquisition agreement with McEwen Inc., which provides a clear path to finance the mine's potential restart.