March 27 (Reuters) - Cona Resources Ltd CONA.TO :
* ENTERS INTO ARRANGEMENT AGREEMENT WITH WATEROUS ENERGY FUND
* UNDER TERMS OF ARRANGEMENT SHAREHOLDERS OF CONA, OTHER THAN WEF, WILL BE ENTITLED TO RECEIVE $2.55 IN CASH PER COMMON SHARE
* WEF HAS INFORMED CONA THAT IT DOES NOT INTEND TO SELL ANY OF ITS INTEREST IN CONA AT THIS TIME.
* AGREEMENT WITH CERTAIN AFFILIATES OF WEF WHEREBY WEF WOULD ACQUIRE ALL OF COMMON SHARES OF CONA NOT CURRENTLY OWNED BY WEF
* ARRANGEMENT AGREEMENT ALSO INCLUDES CUSTOMARY DEAL PROTECTION TERMS, INCLUDING RIGHT TO MATCH ANY SUPERIOR PROPOSAL IN FAVOUR OF WEF
* IF ARRANGEMENT IS COMPLETED, ALL OF COMMON SHARES WILL BE HELD BY WEF AND CONA WILL BE DE-LISTED FROM TORONTO STOCK EXCHANGE