Emerging iron ore explorer Warwick Resources and ASX listed Atlas Iron said that the Federal Court had allowed the proposed merger between the two companies to proceed.

Under the terms of the schemes, Atlas was offering Warwick shareholders one Atlas share for every three Warwick shares held on the record date for the share scheme, and Warwick option holders a number of Atlas shares which was dependent on the tranche of Warwick options held by each option holders.

The directors of Warwick have unanimously recommended that security holders vote in favor of the schemes, in the absence of a superior offer. The directors of Warwick have also advised that they each intend to vote the Warwick shares and options that they control in favor of the schemes.

(Sourced from www.miningweekly.com)