09:59 AM EST - Western Prospector Group Ltd. : executed a definitive agreement with CNNC International Ltd., whereby the latter, through its wholly-owned subsidiary First Development Holdings Corp., will offer to acquire all of the common shares of Western for $0.56 per share in cash. The offer represents a 51-per-cent premium to Western's closing price of $0.37 on March 24, 2009, and a 75-per-cent premium to Western's 20-day volume weighted average price for the period ending March 24, 2009. Western noted that the offer values its equity at about $31 million. The offer will be open for acceptance for a period of not less than 35 days and will be conditional, among other things, upon valid deposits under the offer of Western common shares that, together with shares held by the First Development and its affiliates, represent at least 50.1 per cent of the outstanding Western shares on a fully diluted basis. Western Prospector Group Ltd.
shares V.WNP are trading up $0.17 at $0.54.
