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Avala Resources Ltd and Dunav Resources Ltd enter into agreement to merge


Monday, 18 Aug 2014 09:36am EDT 

Avala Resources Ltd and Dunav Resources Ltd:Enters into arrangement agreement on Aug. 15 in respect of the previously announced business combination of the two companies (for background to the Agreement, see joint news release issued on July 28, 2014).Under the terms of the agreement, Avala agreed to issue to Dunav shareholders 1.0457 common shares for every one outstanding common share of Dunav held.All outstanding stock options and share purchase warrants of Dunav will be exchanged for options and warrants of Avala in an amount and at exercise prices adjusted in accordance with the Exchange Ratio.Result in Avala issuing 183,331,540 new common shares, 63,768,411 warrants and 8,292,401 stock options, for a combined total of 437,823,763 Avala common shares outstanding and 129,165,812 shares.Avala and Dunav are non arm's length parties to one another by virtue of the fact that they have four common directors and overlapping management and the same controlling shareholder, Dundee Precious Metals Inc., which owns 53.1pct of Avala's common shares and 45.5pct of Dunav's common shares.Expect to complete the arrangement on or about Oct. 2. 

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-0.0050 -9.09%
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