It calls for Ram to buy all of Sierra’s 133.49 million outstanding shares in a stock-swap. The companies say the implied offer price of C$0.213 a Sierra share represents an 19.9% premium to Sierra’s 20-day volume weighted average price of C$0.178 dating back from 28 May.
Sierra put itself up for sale earlier this year with Ram, which is seeking to expand through acquisitions, the strongest suitor.
