News: SLR Red 5 And Silver Lake Resources To Merge

Feb 5 (Reuters) - RED 5 Limited (RED) :

• RED 5 AND SILVER LAKE RESOURCES TO MERGE
• RED 5 AND SILVER LAKE RESOURCES TO MERGE
• CO AND SILVER LAKE RESOURCES LIMITED HAVE ENTERED INTO A BINDING SCHEME IMPLEMENTATION DEED
• COMBINED ENTITY WILL BE LED BY RUSSELL CLARK AS CHAIRMAN
• COMBINED ENTITY WILL BE LED BY LUKE TONKIN AS MANAGING DIRECTOR AND CEO
• UNDER DEAL, CO WILL ACQUIRE 100% OF SHARES IN SILVER LAKE
• UNDER DEAL, , EACH SILVER LAKE SHAREHOLDER WILL RECEIVE 3.434 RED 5 SHARES FOR EVERY SILVER LAKE SHARE HELD
• UNDER DEAL, SILVER LAKE SHAREHOLDERS WILL RECEIVE 3.434 NEW SHARES IN RED 5 FOR EVERY SHARE OF SILVER LAKE THEY OWN
• SILVER LAKE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS SILVER LAKE SHAREHOLDERS VOTE IN FAVOUR OF TRANSACTION
• TRANSACTION IS ALSO UNANIMOUSLY SUPPORTED BY THE BOARD OF RED 5
• UNDER DEAL, STRUAN RICHARDS TO BE CFO OF MERGED ENTITY
• UPON IMPLEMENTATION OF TRANSACTION, CO'S SHAREHOLDERS TO OWN 51.7% OF MERGED ENTITY AND SILVER LAKE SHAREHOLDERS WILL OWN REMAINING 48.3%