PERTH, Australia, Feb. 23 /CNW/ - Avoca Resources Limited ABN 30 097 083 282 (ASX:AVO) ("Avoca") announces that it has acquired ownership of 42,507,099 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 January 28, 2010 and contained in the bidder's statement of Avoca dated January 14, 2010 (the "Offer"). The Offer is exempted from the application of Canadian take-over laws, and is open until 5:00pm (Perth time) on 2 March 2010. The shares were acquired in consideration of Avoca issuing A$0.65 in cash plus 0.325 Avoca shares for every 1 Dioro share. Using the closing price of Avoca shares on the Australian Securities Exchange on 22 February 2010 of A$1.90, and adjusting for the exchange ratio and the Cdn$/A$ noon rate of exchange posted by the Bank of Canada on 19 February 2010, the value of the consideration paid is approximately Cdn$1.18 per acquired share. The shares acquired represent 46.42% of the outstanding Dioro ordinary shares. As a result of the transaction, Avoca has ownership of 83,583,336 ordinary shares representing 91.27% of the outstanding Dioro ordinary shares. Avoca has acquired the ordinary shares for investment purposes under the Offer and intends to acquire 100% of the ordinary shares of Dioro.
For further information: For further information: Avoca Resources: Rohan Williams + 61 08 9226 0625