Oct 28 (Reuters) - Siren Gold Ltd :
* SIREN RECEIVES REVISED PROPOSAL FROM FEDERATION MINING
* PROPOSAL SET OUT INDICATIVE BUT INCOMPLETE TERMS OF PROPOSED MERGER BETWEEN CO & FEDERATION (MERGECO)
* PROPOSAL FOR AN ALL-SCRIP ACQUISITION OF 100% OF SHARES IN FEDERATION BY SIREN
* UNDER PROPOSAL FEDERATION PROPOSES EXCHANGE RATIO OF 0.96 SIREN SHARES FOR EVERY FEDERATION SHARE
* FEDERATION PROPOSES PLACEMENT OF CO SHARES TO FEDERATION AT ISSUE PRICE OF A$0.20/SHARE TO RAISE A$4.5 MILLION
* SIREN BOARD RESOLVED NOT TO PROCEED WITH PROPOSAL
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