Feb 5 (Reuters) - Australian gold miners Red 5 and Silver Lake Resources said on Monday in a joint statement that both companies will merge via a scheme of arrangement.

Under the agreement, Red 5 will buy 100% of Silver Lake and each Silver Lake shareholder will receive 3.434 Red 5 shares for every Silver Lake share held. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Lisa Shumaker)