Salt Lake-based Utah Clay Technology Inc. said Tuesday it has agreed to merge with TS Electronics Corp., a Delaware corporation.
If Utah Clay's shareholders approve the move, TS Electronics' shareholders will become the majority shareholders of Utah Clay and the company's assets relating to its kaolin business will be sold to Utah Clay's management, who may pursue the business thereafter as a private company.
Utah Clay's name, ticker symbol and business would switch to those of TS Electronics. Other terms were not disclosed.
Utah Clay shareholders will meet in Salt Lake on July 23 to vote on the matter.
The company has mining rights in parts of Utah believed to contain contain commercial deposits of kaolin, a mineral with certain industrial applications, but has been unable to mine the properties due to lack of capital.