PERTH (miningweekly.com) – The shareholders of TSX-V-listed Melior Resources have approved a merger with ASX-listed Metallica Minerals.
The two companies in September struck a binding merger agreement to create a diversified Queensland mining company, which will combine mineral sands and bauxite assets.
Under the terms of the agreement, Metallica will acquire all of the issued and outstanding common shares of Melior in exchange for Metallica ordinary shares at an agreed exchange ratio of 20 Metallica shares for every one Melior share.
On completion of the merger, Melior shareholders will hold 64% of Metallica’s issued capital and Melior will become a wholly owned subsidiary of Metallica. Metallica will remain listed on the ASX and Melior will be delisted from the TSV-V and cease to be a reporting issuer in Canada.
Following the approval of Melior shareholders, the transaction remained subject to Metallica shareholder approval, as well as regulatory approvals.