CALGARY, ALBERTA--(Marketwire - March 27, 2013) - Niko Resources Ltd. ("Niko" or the "Company") (NKO.TO), provides the following corporate updates:
Proposed Sales of Certain Non-core Assets for $157 Million
Niko is in advanced negotiations with two separate third parties for the sales of certain non-core assets for combined sales proceeds of $157 million. The Company is working towards signing of definitive sale and purchase agreements by April 30, 2013. Further details on these transactions will be provided to the market as these transactions progress. Execution of the sale and purchase agreements will be subject to completion of final due diligence and approval by the respective boards of directors of the parties. Closing of the transactions will be subject to host government and regulatory approvals, other conditions customary for transactions of this nature, and closing adjustments.
Negotiations regarding Farm-outs and Other Non-core Asset Dispositions
In addition to the above transactions, the Company is progressing with its negotiations with various third parties regarding farm-outs and other non-core asset dispositions, with offers on certain of these expected in the next few weeks.
Certain statements in this press release constitute forward-looking information. Specifically, this press release contains forward-looking information relating to the proposed sales of certain non-core assets, the anticipated timing of signing of sale and purchase agreements and closing of these transactions, and negotiations regarding farm-outs and other non-core asset dispositions. This forward-looking information is based on certain key expectations and assumptions, including the ability to negotiate definitive purchase and sale agreements on terms and conditions acceptable to the Company or at all, completion of due diligence to the satisfaction of the proposed purchasers, receipt of approvals by the parties' respective board of directors and the satisfaction of all conditions to closing, including the receipt of all required host government and regulatory approvals. The reader is cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. There can be no assurance that the parties will be able to reach agreement on the terms and conditions of the definitive purchase and sale agreements or that all conditions to closing will be satisfied or waived by the parties. Actual results may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors and such variations may be material. Such factors include, but are not limited to: risks and uncertainties associated with negotiating with foreign governments, including the risk that approvals may be delayed or withheld; risks associated with negotiating with foreign commercial parties; delays in the completion of due diligence; risks that the conditions to completion of the proposed sale transactions will be cannot be satisfied by Niko in the anticipated timeframe or at all; risks that Niko or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals, or risks that required regulatory approvals are otherwise not available when required. Niko makes no representation that the actual results achieved during the forecast period will be the same in whole or in part as those forecast.
- Investment & Company Information
Chairman of the Board, President & CEO
Niko Resources Ltd.
VP Finance & CFO