Iriana to enter RI mining

Iriana to enter RI mining

VANCOUVER (Dow Jones): Iriana Resources Corp. and International Dunlap Minerals Corp. said they have reached an agreement pursuant to which Iriana will make a cash/share takeover offer for Dunlap.

As reported, the companies had entered into initial discussions for the possible acquisition by Iriana of Dunlap's Indonesia mineral property interests.

In a news release, Iriana and Dunlap said the transaction will be made via a plan of arrangement. They said each company has established a committee of independent directors to oversee the transaction and to develop and negotiate the share-exchange ratio.

The companies said the calculation of the value of the assets of each company will be based on a valuation conducted by Watts, Griffis & McQuat of Toronto. They said each independent committee will commission a separate fairness opinion by individual financial advisers, and will be advised by their own appointed independent legal adviser.

The companies said further details of the transaction will be released shortly.