11:30 AM EST - Reliable Energy Ltd. : announced that it has made a formal offer to the shareholders of Element Energy Canada Ltd. to acquire, on an exempt basis, all of the issued and outstanding common shares of Element in exchange for common shares in the capital of the Corporation on the basis of 1.225 common shares of the Corporation at a deemed value of $0.15 per share for each common share of Element. The acquisition was previously announced on September 11, 2009. The offer is subject to customary conditions and to final acceptance of the TSX Venture Exchange. Subject to satisfaction or waiver of all conditions of the offer, closing is expected on or about October 23, 2009. Reliable Energy Ltd.
shares V.REL are trading up $0.02 at $0.24.
