Sio Silica disclosed it has filed an F-4 registration statement confidentially with the sec in connection with a proposed merger with Pyrophyte Acquisition.
Canada-based Sio seeks to become a global leader in the production and supply of environmentally and ethically produced high-purity quartz silica. The merger agreement with Pyrophyte has an implied enterprise value of $708 million and equity value of $758 million.
Announced last November, the deal includes approximately $150 million of gross capital including equity, debt, royalties and Sio's cash on hand and an additional $10 million expected flow-through equity from a variety of institutional and individual accredited investors.
If approved, the proceeds are expected to fully fund the construction of the first phase of Sio's extraction and processing facility in Winnipeg, Manitoba. Upon closing Sio Silica shares and warrants are expected to list on the New York Stock Exchange under the tickers SIOS and SIOS WS. Read more.