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 ?xml:namespace>
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)
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