Eldorado To Acquire Remaining Stake In Glory Resources For A$30.5 Mln.

(RTTNews) - Eldorado Gold Coöperatief UA, a unit of Canada-based Eldorado Gold Corp. (ELD.TO)(EGO), said Wednesday that it will acquire, via a friendly off-market cash takeover, all of the outstanding shares of Glory Resources Limited not already owned or controlled by Eldorado for about A$30.5 million. Eldorado currently owns 19.9% of the shares in Glory.

Under the Offer, each shareholder of Glory other than Eldorado will be entitled to receive A$0.17 cash per share, which represents a premium of about 42% over the closing price of Glory on October 30.

Eldorado also proposes to acquire all the issued options of Glory for total consideration of about A$1.8 million.

Additionally, in connection with the offer, Eldorado proposes to settle Glory's deferred obligations in the Sapes Gold Project to Cape Lambert Resources Limited for A$6.5 million.

Glory is focused on advancing the high grade Sapes project located about 15 km from Eldorado's Perama Hill project in Thrace, Greece. Glory has reported the Sapes project has JORC compliant total proven and probable reserves of 637,000 ounces of gold at an average grade of 15.1 g/t.