PMI Gold Corporation (TSX:PMV, ASX:PVM) and Keegan Resources Inc. announced that they have terminated their merger agreement.
As quoted in the press release:
As a result of the mutual decision to terminate the Arrangement Agreement, the special meeting of shareholders of PMI which was scheduled for February 20, 2013, has been cancelled. The special meeting of Keegan shareholders scheduled for February 19, 2013 will proceed but only to consider the approval of a name change of Keegan to “Asanko Gold Corp.”, reflective of the region in Ghana where it operates. PMI and Keegan have agreed that no termination fee will be payable as a result of the mutual termination of the Arrangement Agreement and the parties have released each other from all obligations in respect of the Arrangement Agreement.