Phillips River and Silver Lake to Merge

Jan. 25, 2012 09:36AM PST

Mining Weekly reported that Phillips River (ASX:TTR) and Silver Lake Resources (ASX:SLR) have reached a merger agreement.

As quoted in the market news:

Under the proposed merger, Phillips River shareholders would receive 0.0882 Silver Lake shares for each Phillips River share held. Silver Lake would also make available a A$1.3-million secured convertible note facility to Phillips River to provide the company with sufficient working capital to continue activity on its tenement portfolio.

Click here to read the full Mining Weekly report.