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Rojo to merge with Konnect Mobile, exit resources sector

Rojo Resources Ltd. said Dec. 11 that it signed a letter of intent for a merger with Konnect Mobile Communications Inc. through a reverse takeover transaction.

The deal would require Konnect to complete a stock split on the basis of 4 post-split shares for 1 pre-split share to issue 1 Konnect share in exchange for 1 outstanding Rojo share.

Upon completion of the merger, Rojo will delist its shares on the TSX Venture Exchange and transfer to the Canadian Securities Exchange as a technology issuer. The company is also expected to change its name to Konnect Mobile Communications Corp. and continue with Konnect's primary business of developing technology-based financial products and services.