Trans-Orient Petroleum advised that at yesterday's Extraordinary General Meeting shareholders voted to approve the proposed business combination, pursuant to a plan of arrangement under the Business Corporations Act (British Columbia), whereby TAG Oil Ltd. (TSX-V: TAO - News) will acquire all of the issued common shares of Trans-Orient Petroleum Ltd.
More than 22.1 million votes were received out of an eligible 36.5 million shares with 99.86% of shares voted in favour of the business combination with TAG Oil.
Once the transaction is completed, Trans-Orient shareholders will receive 1 common share of TAG Oil Ltd. for every 2.8 common shares held of Trans-Orient.
Completion of the transaction with TAG is anticipated on or about December 15, 2009.
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