Canada Lithium to merge with Sirocco Mining

04 December 2013 14:45  [Source: ICIS news]

TORONTO (ICIS)--Canada Lithium has signed an agreement to merge with Sirocco Mining, it said on Wednesday.

The merger will combine Canada Lithium’s lithium project in Quebec province with Sirocco’s iodine mining assets in Chile, creating a company that will produce both iodine and lithium.

Under the deal, shareholders of Sirocco will receive 1.175 common shares of Canada Lithium for each outstanding Sirocco common share, valuing Sirocco’s equity at about Canadian dollar (C$) 120m ($112m).

Canada Lithium shareholders will hold about 58% of the combined company, with Sirocco shareholders holding the remaining 42%.

The combined company will be led by Sirocco's management team under CEO Richard Clark.

($1 = C$1.07)

By: Stefan Baumgarten
+1 713 525 2653

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