PERTH, Australia, Aug. 21 /CNW/ - Avoca Resources Limited ABN 30 097 083
282 (ASX:AVO) ("Avoca") announces that it has acquired ownership of 21,286,836
outstanding ordinary shares of Dioro Exploration NL ABN 31 009 271 532
(ASX/TSX:DIO). The shares were acquired upon acceptance of the take-over
offers of Avoca dated May 19, 2009 and contained in the bidder's statement of
Avoca dated May 5, 2009 (the "Offer"). The Offer was exempted from the
application of Canadian take-over laws, and closed as of 5pm (Perth time) on
19 August 2009. The shares were acquired in consideration of Avoca issuing one
(1) Avoca ordinary share for each 2.3 ordinary shares of Dioro tendered. Using
the closing price of Avoca shares on the Australian Securities Exchange on 20
August 2009 of A$1.615, and adjusting for the exchange ratio and the Cdn$/A$
noon rate of exchange posted by the Bank of Canada on 20 August 2009, the
value of the consideration paid is approximately Cdn$0.64 per acquired share.
The shares acquired represent 23.24% of the outstanding Dioro ordinary shares.
As a result of the transaction, Avoca has ownership of 41,076,237 ordinary
shares representing 44.85% of the outstanding Dioro ordinary shares. Avoca has
acquired the ordinary shares for investment purposes under the Offer.
For further information:
For further information: Avoca Resources: Rohan Williams, + 61 08 9226