News: TUL Tulla Resources Group Announces Merger Of Pantoro And Tulla Resources, And Capital Raising

Feb 13 (Reuters) - Tulla Resources Group Pty Ltd (TUL) :

• MERGER OF PANTORO AND TULLA RESOURCES AND CAPITAL RAISING
• PANTORO TO ACQUIRE TULLA AND CONSOLIDATE 100% OWNERSHIP AND CONTROL OF NORSEMAN GOLD PROJECT
• MERGER WILL CREATE NEW MID-CAP ASX-LISTED GOLD COMPANY
• MERGER UNANIMOUSLY RECOMMENDED BY BOARDS OF TULLA AND PANTORO, IN ABSENCE OF SUPERIOR PROPOSAL
• MERGER WILL CREATE GOLD COMPANY WITH TARGET PRODUCTION OF 110,000 OZ PER ANNUM
• MERGER, BEFORE IMPACT OF PANTORO CAPITAL RAISING WILL RESULT IN PANTORO'S SHAREHOLDERS OWNING IN AGGREGATE 51.5%
• FOR MERGER, PANTORO IS LAUNCHING A TWO-TRANCHE INSTITUTIONAL PLACEMENT TO RAISE A$75 MILLION
• PLACEMENT SHARES TO BE ISSUED AT A$0.06 PER PLACEMENT SHARE
• NEW PANTORO BOARD INTENDS TO INVESTIGATE, AND PROGRESS SPIN-OUT OF BATTERY METALS BUSINESS AT APPROPRIATE TIME