Brief: Tulla Resources Group Announces Merger Of Pantoro And Tulla Resources, And Capital Raising

Tulla Resources Pty

13/02/2023 01:19

Feb 13 (Reuters) - Tulla Resources Group Pty Ltd
 TUL.AX :
    * MERGER OF PANTORO AND TULLA RESOURCES AND CAPITAL RAISING
    * PANTORO TO ACQUIRE TULLA AND CONSOLIDATE 100% OWNERSHIP
AND
CONTROL OF NORSEMAN GOLD PROJECT
    * MERGER WILL CREATE  NEW MID-CAP ASX-LISTED GOLD COMPANY
    * MERGER UNANIMOUSLY RECOMMENDED BY BOARDS OF TULLA AND
PANTORO,
IN ABSENCE OF  SUPERIOR PROPOSAL
    * MERGER WILL CREATE GOLD COMPANY WITH TARGET PRODUCTION OF
110,000 OZ PER ANNUM
    * MERGER, BEFORE IMPACT OF PANTORO CAPITAL RAISING WILL
RESULT IN
PANTORO'S SHAREHOLDERS OWNING IN AGGREGATE 51.5%
    * FOR MERGER, PANTORO IS LAUNCHING A TWO-TRANCHE
INSTITUTIONAL
PLACEMENT TO RAISE A$75 MILLION
    * PLACEMENT SHARES TO BE ISSUED AT A$0.06 PER PLACEMENT
SHARE
    * NEW PANTORO BOARD INTENDS TO INVESTIGATE, AND PROGRESS
SPIN-OUT
OF BATTERY METALS BUSINESS AT APPROPRIATE TIME

Source text for Eikon:  ID:nASX9W11K5 
Further company coverage:  TUL.AX