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Market: TSX-V
Sector: General Mining
Epic: RKY
News: Latest news
Web Site: Rocky Mountain Resources
Other Articles: 10-11-200923-10-200912-10-2009

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Thursday September 02, 11:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

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Thursday September 02, 08:15Indonesia edges closer toward uranium mining and nuclear power

After nearly five decades of national debate on the issue, Indonesia's central government may finally be ready to develop a national nuclear policy, which may lead to domestic uranium mining.

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Wednesday September 01, 01:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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Rocky Mountain Resources

Rocky Mountain Resources

Rocky Mountain Resources Corp. is a tier-one metals exploration and development company focused on developing environmentally favorable projects within politically stable regions with the potential to host large deposits of industrial metals or minerals.

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Friday, October 23, 2009

Western Lithium Canada to acquire Vanadium junior Rocky Mountain Resources

by Jamie Ashcroft company news image

This morning, Western Lithium Canada Corporation (TSX-V: WLC) and Rocky Mountain Resources Corp. (TSX-V: RKY) announced that they have entered into a non-binding letter of intent, in which Western Lithium proposes to acquire all of the outstanding shares of Rocky Mountain.


Western Lithium is developing the Kings Valley, Nevada lithium deposit, and has ambitions to be a major U.S.-based supplier to support the rising global demand for lithium carbonate that is expected from the increased use of mobile electronics and hybrid/electric vehicles.


Rocky Mountain's primary asset is the Gibellini development stage Vanadium project in Nevada. The companies believe that a combination of Nevada based strategic metals for applications in electrical storage and other industrial uses will provide operational and corporate synergies.


Vanadium has the potential to become an important element for future battery chemistries together with lithium-ion chemistries.


The consideration to Rocky Mountain shareholders represents a premium of 43% on Rocky Mountain's closing price on October 22, 2009. The total number of shares Western Lithium would issue under the transaction is approximately 6,749,091.


Rocky Mountain's Board of Directors have approved the proposed merger and upon entering into a definitive agreement will enter into specific support agreements agreeing to vote their shares in favour of the merger.


At closing, all Rocky Mountain common shares will be automatically exchanged for Western Lithium shares on the basis of 0.4032 Western Lithium shares for each Rocky Mountain share. All warrants of Rocky Mountain will be exchanged for similar warrants of Western Lithium, based on the same exchange ratio.


Completion of the transaction is conditional upon satisfactory completion of due diligence, the negotiation and execution of a definitive agreement and receipt of Rocky Mountain shareholder approval as well as other customary conditions and regulatory approvals. The special shareholder meeting of Rocky Mountain to vote on the transaction is expected to be held in early January 2010.

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