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Australia gold miners Lion & Catalpa to merge

Wed Jun 24, 2009 12:04am EDT

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SYDNEY, June 24 (Reuters) - Australian miners Lion Selection Ltd (LST.AX) and Catalpa Resources Ltd (CAH.AX) have agreed to merge to create a mid-tier gold producer with output of about 130,000 ounces a year, the companies said on Wednesday.

Under the scheme of arrangement, Lion shareholders will receive one Catalpa share for every Lion share they hold, once Catalpa has completed a 1 for 11 share consolidation, the two firms said in a joint statement. (Reporting by James Thornhill; Editing by Mark Bendeich)



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