Toronto’s Cambium Film & Video Productions plans to become a public company through a merger with Vancouver-based video wholesaler/distributor TSC Shannock.

The amalgamated company will reportedly be known as Cambium Entertainment Corporation. Besides supplying major video releases to retailers, TSC Shannock owns 75% of Vancouver’s TSC Film Distribution. Under the merger, the two companies will combine libraries to hold over 700 hours of programming.

As part of the deal, Cambium is issuing a private placement that must raise not less than $2 million. Cambium will also purchase ‘approximately 19.9% of the currently outstanding shares of Shannock from current management at a price of approximately $1 per share.’ At press time, TSC Shannock stock closed at $0.90 on the tse.

In January, TSC Shannock posted a second-quarter net loss of $226,000 or $0.07 per share for the six months ended Nov. 30, 1997.

TSC Shannock’s senior vp and cfo Trudy Dalinger did not return phone calls asking for comment.

The merger is expected to be effective on or before June 30, 1998.