Highfield Resources (ASX:HFR) received a waiver from Meritz Securities of its requirement to secure shareholder approval for the acquisition of Highfield shares by Yankuang Energy, the firm said in an Australian bourse filing on Monday.

It added that the issuance of new ordinary shares, which was approved by shareholders at its extraordinary general meeting on Dec. 30, 2024, can take place without a resolution on the transaction.

The Chinese firm will acquire newly issued shares of Highfield Resources through asset injection and cash subscription in a deal that will see Yankuang becoming HFR's largest shareholder and taking control of the Australian potash miner's board.

It expects the new shares to be issued on or before Jan. 16, as well as a payment of $5 million from the subscription.