VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2012) -European Goldfields Limited ("European Goldfields") (TSX:EGU)(AIM:EGU) and Eldorado Gold Corporation ("Eldorado") (TSX:ELD)(NYSE:EGO)(ASX:EAU) today announce the positive outcome of the shareholder vote of the previously announced plan of arrangement whereby Eldorado will acquire all the securities of European Goldfields (the "Arrangement").
97.85% of European Goldfields' shares voted at the shareholders' meeting held on February 21 have voted in favour of the special resolution approving the Arrangement.
96.04% of the Eldorado shares voted at the Eldorado shareholders' meeting have approved the issuance of up to 167,189,798 of Eldorado's common shares in connection with the Arrangement.
European Goldfields will apply for a final order of the Supreme Court of Yukon for approval of the Arrangement on February 22, 2012, and, assuming receipt of court approval, expects the Arrangement to be effective on February 24, 2012.
"The overwhelmingly positive approval of the merger with Eldorado resoundingly affirms the merits of the transaction, and underscores the potential of the combined group as the leading growth oriented intermediate gold producer," commented Martyn Konig, Executive Chairman and President of European Goldfields.
"We are pleased with the shareholder support for this transaction enhancing Eldorado's position as the dominant low cost, high growth, gold producer in the region," said Paul Wright, President and CEO of Eldorado Gold. "We look forward to further developing our business interests, taking full advantage of the excellent operating teams and working relationships established by European Goldfields in both Greece and Romania."
Eldorado's shareholders with questions regarding the Arrangement can contact Kingsdale Shareholder Services Inc., Eldorado's proxy solicitation firm, toll-free at 1-877-657-5856 or by email at firstname.lastname@example.org.
European Goldfields' shareholders with questions regarding the Arrangement can contact Phoenix Advisory Partners, European Goldfields' proxy solicitation firm for the Meeting, toll-free in North America at 1-800-243-9416 or in the United Kingdom at +44(0) 808-101-1697 or by email at email@example.com.
About Eldorado Gold
Eldorado is a gold producing, exploration and development company actively growing businesses in Turkey, China, Brazil and Greece.