Vancouver's NEMI Northern Energy and Mining (TSX:NNE) plans to merge with Australia's Aviva Corp. to create a new coal and energy company.
The merger will combine NEMI's Peace River coal project with Aviva's Coolimba power project and Mmamantswe power and coal project and create a company with approximately $25 million in cash.
Under the agreement, Aviva will receive 0.59 NEMI shares for each of Aviva share upon completion of the merger.
The combined company will change its name to reflect its expanded scope and will be listed on the TSX and Australian Securities exchanges.
NEMI's share price range during the past week: between $0.24 and $0.34; 52-week high: $1.93; 52-week low: $0.24.