ARMZ Makes Revised All Cash Offer For Mantra

Mantra Resources Limited (ASX:MRU,TSX:MRL) and JSC Atomredmetzoloto (ARMZ) report revising the transaction  in relation to the scheme implementation agreement that was entered into by Mantra and ARMZ on 15 December 2010.

The press release is quoted as saying:

After consideration of all available options, and advice received from its financial and legal advisors, Mantra has agreed to the Revised Transaction with ARMZ.  The key terms of the Revised Transaction are as follows:

• ARMZ will acquire all of the issued share capital in Mantra by way of a Scheme of Arrangement (‘Scheme’).
• Under the Scheme, Mantra shareholders will receive:
• A$6.87 in cash for every Mantra share they own (‘Scheme Consideration’); and
• a dividend of A$0.15 for every Mantra share they own as at the Record Date under the Scheme (‘Special Dividend’).
• The Revised Transaction is not subject to any material adverse change conditions.

Click here to access the entire news release.