Peel Mining (ASX:PEX) received approval from the Supreme Court of New South Wales for its scheme of arrangement, under which Aeris Resources (ASX:AIS) will acquire 100% of the company's issued shares, according to a Friday filing with the Australian bourse.

The court orders will be lodged with Australian Securities and Investments Commission on June 22, at which point the scheme will become legally effective, per the filing.

The company said shareholders registered as of June 24 will receive the scheme consideration and a demerger distribution, the filing said.

The company's shares are expected to be suspended from trading at the close of June 22, with the cash or share consideration under the scheme anticipated to be paid on July 1, the filing added.

Peel Mining and Aeris Resources both fell 2% in Friday trading.