Dwyka reaches deal on recommended bid for Minerva Resources

Dwyka Resources (AIM: DWY) said it reached agreement on the terms for a recommended 1-for-5 share offer for Minerva Resources PLC (AIM: MVA), valuing Minerva at approximately £1.8 million.

Based on Dwyka’s closing share price of 5.88 pence on June 22 2009, the offer values each Minerva share at approximately 1.2 pence, representing a premium of approximately 71.4 percent to Minerva’s closing price on January 29 2009, being the last business day prior to Minerva’s suspension on AIM.

Full acceptance of the offer will result in the issue of up to 30,858,891 new Dwyka shares, or approximately 13.9 percent of the enlarged capital being held by current Minerva shareholders.

Dwyka has received irrevocable undertakings to accept the offer from the independent Minerva directors, Ambrian Capital and certain other shareholders of Minerva in respect of 73,479,200 shares, representing approximately 47.62 percent of Minerva’s issued share capital.

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