RIA Resources Enters Into Takeover Agreement by Qwest Diversified Capital
RIA Resources Corp. (RIA.V) has entered into an arm's length arrangement agreement with Qwest Diversified Capital Corp. pursuant to which QDCC will acquire all of the common shares of RIA.
Under the terms of the arrangement agreement, RIA shareholders will receive 0.014 of a series 1 preferred share of QDCC for each RIA share held.
The exchange ratio implies a value of $0.14 per RIA share, representing a 211% premium to the closing price of RIA's shares on the TSX Venture Exchange on April 3, 2013, the last day of trading prior to this announcement.
A special meeting of RIA shareholders to approve the arrangement is to be held on or before May 31, 2013. RIA's board recommends that shareholders vote in favour of the agreement.
RIA shares last traded at $0.045.
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