Make Kitco Your Homepage

Mining News

Serengeti and Sun Metals announce merger

Michael McCrae

Kitco News


Serengeti Resources (TSX-V:SIR) and Sun Metals (TSX-V:SUNM) said today the two will merge.

Serengeti will acquire all of the issued and outstanding shares of Sun Metals on the basis of 0.43 common shares of Serengeti.

The companies said that the transaction will consolidate the contiguous copper-gold exploration and development assets of Kwanika and Stardust, "...both of which will benefit from operational synergies as the projects advance with a combined development strategy, along with a robust portfolio of British Columbia copper-gold assets, well positioned to take advantage of a strengthening copper market."

Upon completion of the transaction, Sun Metals shareholders will hold approximately 40% of Serengeti’s issued and outstanding shares.

Mark O’Dea will become executive chair of Serengeti.

By Michael McCrae

For Kitco News

Contact mmccrae@kitco.com
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.