(May 29 – 15:30 ET) – Shareholders of the Canadian Venture Exchange voted today in favour to approve the TSE’s $50 million acquisition offer. About 95% of votes cast were in favour of the deal.

Under the terms of the agreement, the CDNX becomes a wholly owned subsidiary of the TSE. It will, however, continue to operate as a separate exchange.

The transaction is subject to regulatory approval by both the Alberta and British Columbia securities commissions. A decision is expected to take two-to-three months.

“Today, our shareholders have endorsed the TSE’s commitment to advancing the public venture market in Canada,” said Scott Paterson, CDNX chairman of the board.

“This transaction will strengthen the Canadian capital markets, provide clarity for foreign investors, operating efficiencies and a stronger presence in key regional centres across the country for both CDNX and the TSE.,” Paterson added.

As part of the deal, the CDNX will keep its Toronto, Winnipeg and Vancouver offices. It head office will remain in Calgary.

“Successfully advancing Canada’s public venture capital market has been and will continue to be our mandate,” said Bill Hess, CDNX president and CEO. The TSE will establish an advisory board with members who have expertise in the venture capital market with the goal of expanding on the success of the CDNX.