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Melior Resources scraps proposed merger with Metallica Minerals

Melior Resources Inc.'s board decided to terminate the proposed merger with Metallica Minerals Ltd., as the latter will not be able to satisfy certain conditions by the Dec. 31 completion deadline.

Under the terms of the nixed deal, Metallica would have exchanged 20 of its shares for each share of Melior, giving Melior a 64% share in Metallica's issued capital.

The merged company would have also owned the Goondicum ilmenite-phosphate rock mine, the Cape Flattery silica sands project, the Esmeralda graphite project and a 50% stake in the Cape York heavy mineral sands-bauxite joint venture in Queensland, Australia.

Melior said Dec. 27 that it will continue its focus on ramping up production at Goondicum and added that it will try to complete its transfer from British Columbia to Australia, where it intends to apply for official quotation of its shares.