04:07 PM EST - Orvana Minerals : said it raised its all-cash offer for Kinbauri Gold Corp. to $0.75 per share from C$0.55 per share. The offer will expire at 11:59 pm on July 31, 2009, unless withdrawn or extended. In connection with the increase in its offer, Orvana also announced that investors holding 23.6% of Kinbauri's outstanding shares signed lockup agreements in support of Orvana's offer. The company stated that the enhanced cash offer represents, a 90% premium to the closing price of $0.395 for Kinbauri shares on the last trading day prior to the May 11, 2009 announcement of Orvana's intention to make an offer for Kinbauri; and an 8.7% premium to the price of $0.69 for Kinbauri at the close of trading on July 20, 2009, the last trading day prior to this announcement. The total value of Orvana's cash offer is around $44.5 million, the company noted. Orvana Inc.
shares T.ORV are trading down $0.02 at $0.68.
