NEWS ROUNDUP — Comstate bids to take over Comaplex

Calgary-based junior Comstate Resources (TSE) has made a bid to buy all the issued and outstanding shares of Comaplex Resources (TSE).

The Schaffhauser Kantonalbank of Switzerland and three directors of Comaplex have entered an agreement with Comstate to tender their Comaplex shares to the bid. These shares represent about 90% of the outstanding Comaplex shares.

Comstate is offering $2.35 in cash or (at the option of each Comaplex shareholder) $1.20 in cash and 1.6 of a Comstate share. Comstate will also issue an exchange certificate entitling the bearer to receive 0.35 of a Redfern Resources (TSE) share at no additional cost.

The bid is conditional upon acceptance by Comaplex shareholders holding at least 90% of the outstanding shares, and regulatory approval.

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