Rocky Mountain Resources
Western Lithium Canada to acquire Vanadium junior Rocky Mountain Resources
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.
Other Rocky Mountain Resources articles
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22/01/09 Rocky Mountain Resource's resource estimate for Paris Hills exceeds expectations
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28/10/08 Rocky Mountain Resources releases robust scoping study for Gibellini Vanadium Project
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20/09/08 Rocky Mountain Resources: sets its sights on Vanadium production
Other Rocky Mountain Resources news
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10/11/09 Western Lithium and Rocky Mountain Resources scrap merger deal
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12/10/09 Rocky Mountain to sell Paris Hills phosphate/vanadium property in Idaho
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24/11/08 Rocky Mountain Resources reports encouraging results from drilling at Paris Hills, Idaho
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