Niocan Inc said that its board of directors had been made aware by Augyva Mining Resources of its intent to make an unsolicited offer for all its issued and outstanding common shares. The issuance was made by Augyva to the company on January 12, 2011.
In the issuance Augyva gave its plan of an amalgamation, or formal take over bid of Niocan to acquire all the shares in the company. This is the second offer that Niocan has received. The Nio-Metals Holdings LLC has also asked for a business combination with Niocan Inc.
The company has now formed a special committee of independent directors who will investigate and evaluate the offers that it is receiving from these two companies and any other offer that it may get. They do not intend to disclose developments with respect to Strategic Review till the board of directors approves a definite transaction or strategic option.
Niocan went on to clarify that there was no assurance than any proposal would be recommended by the special committee or that such a proposal would be implemented by the board of directors. They said that there was no assurance also of the fact that any transaction would occur and if one is to happen there was no terms or timings defined for it.