Dia Bras Exploration Inc. (DIB.V) and Plexmar Resources Inc.
(PLE.V) today announced that they have entered into a letter of
intent whereby Dia Bras will acquire all of the outstanding common
shares of Plexmar in exchange for common shares of Dia Bras by way
of a statutory plan of arrangement.
The transaction is valued at approximately $13.7 million.
Plexmar has granted to Dia Bras an option to acquire the Bolsa del
Diablo and Hans XX properties for US$800,000 if certain option
events take place.
Dia Bras has also provided Plexmar with a bridge credit facility
of up to US$1,000,000, the proceeds of which will be used by
Plexmar first, to repay outstanding loans, including loans from
shareholders, directors and officers, second, to pay amounts due on
certain mining concessions and third, for working capital purposes.
The Credit Facility matures in six months and has an interest rate
of 15% per annum.
DIB shares are unchanged at $2.89.
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