News Bulletin

Avoca goes unconditional on Dioro takeover at $1.25 per share

Tuesday, 05 Jan 2010

Avoca Resources Ltd has announced an unconditional offer for Dioro Exploration NL which is valued at $1.25 per share in a final cash / scrip deal. Avoca’s final offer comprises $0.65 in cash and 0.325 Avoca shares. Avoca will also offer accelerated payment terms with Dioro shareholders to receive all consideration within 3 business days after formal acceptance of the offer.

Avoca and Ramelius Resources have been locked in a fight to control Dioro since mid-2009 and Avoca currently holds 45% of the issued share capital in the target.

Under an Avoca / Dioro business combination the new group will have a forecast production rate of 270,000 gold ounces in FY 2010 and a resource base of 4Moz of gold. 

Avoca intends to distribute a Bidder's Statement in late-January 2010 to Dioro shareholders.

Source: Avoca Public Announcement December 2009

     

     

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