UPDATE 1-Nevada Chemicals to be bought for $94 million

(Adds deal price, outstanding shares, share price)

SAN FRANCISCO, Sept 5 (Reuters) - Nevada Chemicals Inc NCEM.O said on Friday it has agreed to be acquired by Calypso Acquisition Corp and a fund managed by U.S. private equity firm Oaktree Capital Management for about $94 million in cash.

The offer price of $13.37 per share represents a 36 percent premium to the chemicals manufacturer's closing stock price of $9.79 on Friday.

This amounts to a purchase price of $93.6 million for the Sandy, Utah-based company, based on roughly 7 million shares outstanding.

The transaction has been structured as a cash tender offer for 100 percent of Nevada Chemicals' outstanding common stock, the company said in a statement.

Calypso, an affiliate of Cyanco Holding Corp, will commence the offer within 10 business days, the company said.

Shares of Nevada Chemicals closed Friday's session up nearly 1 percent on the Nasdaq. The stock has traded between $8.18 and $10.73 in the past year. (Reporting by Anupreeta Das; editing by Carol Bishopric)