Nile Industries Ltd.

March 13, 2009 16:01 ET

Nile Industries Ltd. Announces an Extension of Nile Industries Ltd.'s Take-Over Bid for Tiles From the Nile Ltd.

CALGARY, ALBERTA--(Marketwire - March 13, 2009) - Nile Industries Ltd. (TSX VENTURE:NLE.P) ("Nile"), a capital pool company listed on the TSX Venture Exchange Inc. ("TSXV") announced today that it has extended its offer dated November 28, 2008 to acquire all of the outstanding common shares ("Tiles Shares") of Tiles From The Nile Ltd. (the "Offer"), which is now open for acceptance until 4:30 p.m. (MST) on April 14, 2009. All other terms of the Offer remain unchanged.

The Offer has been extended to allow additional time for Nile to complete the $1.2 million private placement of 12,000,000 common shares at $0.10 per share, which private placement is a condition to the Offer and a condition for final approval of the TSXV for the Qualifying Transaction. Nile anticipates that the private placement will be completed on or prior to April 14, 2009. The holders of Tiles Shares will receive a Notice of Extension from Valiant Trust Company, the Depositary under the Offer, by mail.

The consideration under the Offer is 0.662532 common shares of Nile for each one (1) Tiles Share held. The directors of Tiles From The Nile Ltd. unanimously recommended approval of the Offer. The Qualifying Transaction remains subject to final approval from the TSXV.

Forward-looking Information

This press release contains forward-looking statements and information concerning the timing of the completion of the Qualifying Transaction and of the Offer. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

Nile believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release are not guarantees of future performance and should not be unduly relied upon. These statements speak only as of the date of this press release.

The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Nile undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities law.

About Nile Industries Ltd.

Nile Industries is a capital pool company pursuant to the policies of the TSXV.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Nile Industries Ltd.
    Mohamed Mokled
    (403) 804-4890
    (403) 291-4569 (FAX)
    Nile Industries Ltd.
    100, 3605 - 29th Street N.E.
    Calgary, Alberta T1Y 5W4