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BRIEF-Spitfire Materials & Excelsior Gold To Merge

Published 25/06/2018, 09:09 am
© Reuters.  BRIEF-Spitfire Materials & Excelsior Gold To Merge
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June 25 (Reuters) - Spitfire Materials Ltd SPI.AX :

* CO & EXCELSIOR GOLD LTD SIGNED MERGER IMPLEMENTATION AGREEMENT TO COMBINE BY WAY OF A COURT-APPROVED SCHEME OF ARRANGEMENT

* NON-EXECUTIVE CHAIRMAN OF MERGED ENTITY'S BOARD WILL BE CURRENT EXCELSIOR CHAIRMAN DAVID HATCH

* SPITFIRE SHAREHOLDERS WILL HOLD ABOUT 58.3% OF MERGED ENTITY

* EXCELSIOR SHAREHOLDERS WILL RECEIVE 1 NEW FULLY- PAID ORDINARY SPITFIRE SHARE FOR ABOUT EVERY 2.208 EXCELSIOR SHARES

* DEAL VALUES EXCELSIOR SHARES AT ABOUT A$0.0443

* MERGED ENTITY WILL BE LED BY MANAGING DIRECTOR JOHN YOUNG

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