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Dia Bras (DIB.v) buys (via paper) Plexmar (PLE.v),
Letter of Intent Highlights:
- Dia Bras has entered into a Letter of Intent with Plexmar to acquire all of the outstanding common shares of Plexmar at an agreed exchange ratio of 0.020101 of a Dia Bras common share for each Plexmar common share (the "Exchange Ratio"), with an approximate value of CAD$13.7 million. The Exchange Ratio has been determined based on CAD$0.0600 per Plexmar Share and CAD$2.9849 per Dia Bras Share.
- In addition, all outstanding options and warrants to purchase Plexmar common shares will be exchanged for replacement options and warrants to purchase Dia Bras common shares and will be exercisable to purchase that number of Dia Bras common shares at an exercise price each determined by reference to the Exchange Ratio.
- As an inducement to Dia Bras to enter into the Letter of Intent, Plexmar has granted to the Company an option (the "Concession Option"), whereby it will have the right to acquire the Bolsa del Diablo and Hans XX properties for US$800,000 if certain option events take place.
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