Toro and Nova engagement official

TORO Energy and Nova Energy this afternoon confirmed their merger to form a $A400 million company holding a number of plum uranium tenements across Australia and Africa.

The friendly merger will see Toro making a scrip offer of 5.5 Toro shares for each Nova share, a deal currently worth around $4.40 at Toro's last share price of 80c. Nova was last trading at $3.70.