News: GMM Galaxy Resources and General Mining to merge

May 30 (Reuters) - Galaxy Resources Ltd (GXY) :

• Galaxy Resources and General Mining to merge (GXY)
• General Mining shareholders will receive 1.65 new Galaxy shares for every 1 General Mining share held
• Galaxy Resources and General Mining Corporation entered into definitive takeover bid implementation agreement to merge two co
• Proposal is unanimously recommended by directors of General Mining who have also agreed to accept galaxy's offer in respect of all shares they control
• The offer values General Mining at approximately A$216 million
• Says Steinepreis Paganin is acting as Australian legal adviser to Galaxy
• Says Canaccord Genuity is acting as financial adviser to General Mining
• Says Squire Patton Boggs is acting as Australian legal adviser to General Mining