Avoca likely to lift Dioro stake
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Friday, 2 October, 2009 - 13:06
Avoca Resources is set to increase its shareholding in Dioro Exploration after it agreed to buy 3 million Dioro options from BNP Paribas.
Avoca, which recently secured a 44.85 per cent stake through a takeover bid, said it had bought the options for $600,000.
Shares in Dioro closed down 2.5 cents at 80c today.
The options, exercisable before June 30 2011, were part of the debt financing agreement between BNP and Dioro.
Should Avoca exercise those options, it would increase its interest in Dioro to 46.6 per cent.