The plan to sell Long Run Exploration Ltd. to a Chinese investor has cleared its first hurdle.
Shareholders have approved the sale to Calgary Sinoenergy Investment Corp., according to a news release.
But other issues remain before the sale is finalized.
The Court of Queens Bench approval was received on March 2, 2016.
The sale is also being reviewed by the Government of Canada for compliance under the Investment Canada Act and Competition Act.
Forecast time for completion of this review is late April or early May.
Long Run Exploration has extensive operations in the area surrounding Fahler.
Area employees of Long Run will continue employment following the sale.