Serengeti and Sun Metals announce merger
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.