TORONTO, Aug. 6 /CNW/ - Libra Advisors, LLC ("Libra") announced today that Libra Fund, L.P. and Libra Offshore Master Fund, L.P. (the "Funds") acquired both 17,143,000 common shares and 8,571,500 warrants of Avala Resources Ltd. ("Avala") upon the automatic exchange of the 17,143,000 subscription receipts of PJV Resources Inc. ("PJV") previously acquired by the Funds on April 28, 2010.
The Funds acquired the subscription receipts at a price of $0.35 per subscription receipt. Each subscription receipt entitled the holder to receive one common share and one-half warrant of PJV without further consideration. Avala (formerly Rodeo Capital Corp.), PJV and Dundee Precious Metals Inc. completed a business combination on July 30, 2010 pursuant to which the subscription receipts were exchanged for common shares and warrants of Avala as noted above. Each whole warrant is exercisable for one common share of Avala at a price of $0.50 until July 30, 2013. Avala became listed on the TSX Venture Exchange on August 4, 2010.
As a result of the business combination, the Funds now hold 17,143,000 common shares of Avala representing approximately 11.74% of the outstanding common shares of Avala, and 8,571,500 warrants of Avala that, if exercised, would result in the Funds' holding approximately 16.63% of the outstanding common shares of Avala.
The Funds acquired the subscription receipts for investment purposes and may, from time to time, acquire additional securities of Avala or dispose of such securities as they may deem appropriate.
Libra is the investment advisor to Libra Fund, L.P. and Libra Offshore Master Fund, L.P. with principal offices at 909 Third Avenue, 29th Floor, New York, NY 10022.
SOURCE LIBRA ADVISORS, LLC
For further information: For further information: Mr. Ranjan Tandon, Managing Member, at (212) 350-5125