09:43 AM EST - Reliable Energy Ltd. : said it acquired all of the issued and outstanding shares of Element Energy Canada Ltd. via an exempt takeover bid on the basis of 1.225 common shares of the company at a deemed value of $0.15 per share for each common share of Element. A total of 11.02 million common shares of Reliable were issued. Reliable Energy said it received 100% approval for the acquisition from the shareholders' of Element. The acquisition was earlier announced on September 11, 2009 and is subject to final acceptance by the TSX Venture Exchange. Reliable Energy Ltd.
shares V.REL are trading even at $0.32.
