Niko Resources Ltd. advises that it has learned of news items published on an Indian media website indicating that the Indian Oil Corporation Limited ("IOC") has stated its intention to try to acquire Niko. The news items indicate that IOC made a non-binding offer to try to acquire Niko. Niko confirms that it received a preliminary expression of interest from IOC, which Niko’s board of directors determined was not sufficiently clear and certain to permit them to even properly evaluate or consider. As a result, Niko advised IOC that the expression of interest was unacceptable.
Niko assesses any proposal that it receives. There can be no assurance that any review process undertaken by Niko with respect to any proposal received by it will lead to a potential transaction which could be recommended to shareholders as being in their best interests.