Conwest and parent Faraday to merge

Toronto-listed Conwest Exploration (TSE) and parent Faraday Resources (TSE) are amalgating. The company will continue to be known as Conwest.

Pursuant to the merger, Faraday shareholders will receive slightly more than 0.4 common shares of Conwest for each Faraday common share. Conwest shareholders will receive one common share for each Class A multiple voting and each Class B subordinate voting share held.

Faraday’s holdings in Jascan Resources (TSE) will be divided among Faraday shareholders prior to the amalgamation on the basis of one Jascan share for each Faraday share held.

The merger has yet to be approved by shareholders and regulators. Faraday is also calling for the redemption of its Series A convertible preferred shares. The shares, which are redeemable at $16.50 each, are convertible into three common shares of Faraday.