Ursa, which applied to delist its stock from the Toronto Stock Exchange, held a shareholder meeting yesterday where 98.92 percent voted in favour of the transaction.
Prophecy will issue one common share in exchange for every 25 outstanding shares of Ursa. Based on the 79.7 million Ursa shares, Prophecy is expected to issue 3.19 million shares.
"We are pleased the overwhelming support from Ursa Major's shareholders to participate in a combined company with an outstanding portfolio of assets and substantially improved market capitalization and liquidity," Ursa's chief executive Richard Sutcliffe said in a statement.
The two companies said that they expect the deal to be completed shortly.
The merger, which was first announced on March 1, will create a mid-tier resource company with a pipeline of Platinum and Nickel
projects including the Shakespeare Nickel-copper mine near Sudbury, and the Wellgreen project, in Yukon Territory and Manitoba's Lynn Lake.
Shakespeare has a probable reserve of 11.82 million tonnes grading 0.33% Nickel, 0.35% copper and 0.02% cobalt with 0.33 grams per tonne (g/t) Platinum. This includes 0.36 g/t palladium and 0.18 g/t gold.
Prophecy is a Canadian Nickel and Platinum group metals exploration explorer with projects in Canada, Argentina and Uruguay. In
Canada, it holds the Lynn Lake project in Manitoba, as well as Wellgreen.
The Wellgreen project in the Yukon has over 10 million ounces of Platinum-palladium-gold inferred resource. Active drilling is ongoing with a pending preliminary economic assessment study.
Prophecy, which has a market cap of $112.9 million, saw its share price trade at $2.04 each on the Toronto Venture Exchange.