Africo Resources Enters Into Definitive Agreement with Camrose Resources

Africo Resources (TSX:ARL) has announced that it has entered into a definitive agreement with Camrose Resources under which Africo would be taken private pursuant to a plan of the arrangement.
As quoted in the press release:

Camrose currently owns 63.66% of the Africo common shares (“Common Shares”).
Under the Plan of Arrangement, Camrose would acquire all of the Common Shares that Camrose does not already own for cash consideration of $1.00 per share. The cash consideration represents an approximate 115% premium to the last closing price of $0.465 of the Common Shares on the Toronto Stock Exchange.
Holders of the Company’s Common Shares and Options may also receive an additional aggregate amount of USD $7.5 million if certain transactions, in respect of the Company’s main Kalukundi project, a development stage copper-cobalt deposit located in the Katanga Copperbelt in the Democratic Republic of Congo (DRC), are completed within 14 months following the closing of the Plan of Arrangement with Camrose. The terms and conditions of this contingent payment will be set out in an information circular of the Company, as described below. The additional amount, if paid, would be equal to approximately USD $0.27 per share. However, there can be no assurance that the additional payment will be made because this is contingent.
Both the Special Committee of the Board of Directors of Africo, comprising of James Cook and George Ireland, and the Board of Directors of Africo unanimously (with Messrs. Cordero and Lauer abstaining) determined that the Plan of Arrangement is in the best interests of Africo and is fair to its shareholders.

Click here for the full press release.