Phillips River and Silver Lake to Merge

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.

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