Torch River and Plumbago Refining Considering Merger

Torch River Resources Ltd. (TSXV:TCR) announced that it is “working towards the terms” of a proposed agreement that would see it merge with Plumbago Refining Corp.; the merger would put the companies in a better position to further the development of almost half of their 49 Sri Lanka-based “former high-grade lump graphite mines.”

As quoted in the press release:

Torch and PRC have commenced their respective due diligence processes and are proceeding with discussions of the terms by which a merger of the two companies can be achieved. Site visits are planned during the month of August and the companies are encouraged that an agreement may be negotiated. Both companies believe the proposed merger could be viewed as a positive development in the worldwide effort to create new supplies of natural graphite.

Click here to read the full Torch River Resources Ltd. (TSXV:TCR) press release.