UPDATE: Tuscany Energy Signs Merger Deal with Diaz Resources; Tuscany Up 8%, Diaz Falls to New 52-Week Lows

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Tuscany Energy Ltd. (TUS.V) and Diaz Resources Ltd. (DZR.V) have entered into a definitive arrangement agreement, whereby Tuscany will acquire all of Diaz's issued and outstanding common shares on the basis of 0.31 of a common share of Tuscany for each 1 Diaz common share.

Tuscany will have approximately 18.6 million common shares outstanding, of which approximately 80.3% will be held by current shareholders of Tuscany and approximately 19.7% of which will be held by former shareholders of Diaz.

TUS was up about 8% to 7 cents. DZR dropped 20% to 4 cents, hitting new 52-week lows.



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This article appears in: Investing , Commodities

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