09:49 AM EST - Duluth Metals Limited : and Franconia Minerals Corporation announced today that they have entered into an arrangement agreement pursuant to which Duluth will acquire 100% of the outstanding common shares in the capital of Franconia by way of a plan of arrangement under the Business Corporations Act (Alberta), the details of which are set forth in the Arrangement Agreement. Franconia shareholders will have the option to receive cash (on the basis of $0.90 per Franconia share), Duluth shares (on the basis of 0.328 Duluth shares per Franconia share) or any combination of cash and Duluth shares, subject to pro-ration, with an aggregate maximum cash consideration of $37,979,189 and an aggregate maximum of 13,841,304 Duluth shares. Duluth Metals Limited
shares T.DM are trading down $0.10 at $2.70.
