Sept 10 (Reuters) - Iron Bridge Resources Inc IBR.TO :
* VELVET ENERGY AND IRON BRIDGE RESOURCES AGREE TO TERMS OF FRIENDLY TRANSACTION WITH UNANIMOUS APPROVAL FROM IRON BRIDGE'S BOARD OF DIRECTORS
* IRON BRIDGE BOARD SUPPORT DEAL, WHEREIN VELVET HAS INCREASED ITS CASH CONSIDERATION BY 13% FROM $0.75 TO $0.845 PER IRON BRIDGE COMMON SHARE
* TOTAL CASH CONSIDERATION FROM VELVET ABOUT $142 MILLION INCLUDING ASSUMPTION OF NET DEBT, NET PROCEEDS FROM DILUTIVE SECURITIES
* BOARD DETERMINED AMENDED OFFER IS IN BEST INTEREST OF CO