Western Lithium Canada Corp (TSX-V: WLC) and Rocky Mountain Resources Corp (TSX-V: RKY) have terminated their planned C$9.1 million merger deal announced late October 2009.
The joint statement did not provide reasons for the move. Western Lithium was to acquire Rocky Mountain’s entire issued share capital.
Under their deal Western Lithium had until Tuesday, November 10, to negotiate an exclusive definitive transaction and complete due diligence on its friendly takeover of Rocky Mountain.
Western Lithium is developing the Kings Valley, Nevada, deposit of lithium, used for batteries and consumer electronics and hybrid-electric vehicles.
Rocky Mountain is an industrial metal and minerals exploration and development company whose primary asset is the Gibellini development stage vanadium project in Nevada.
Western Lithium and Rocky Mountain Resources scrap merger deal
Last updated: 20:44 10 Nov 2009 GMT, First published: 21:44 10 Nov 2009 GMT