Niocan Inc.
TSX : NIO

Niocan Inc.

January 13, 2011 09:37 ET

Niocan Announces Review of Strategic Alternatives and Interim CEO and Chairman

MONTREAL, QUEBEC--(Marketwire - Jan. 13, 2011) - Niocan Inc. ("Niocan" or the "Company") (TSX:NIO) announces that its Board of Directors has received an unsolicitated offer from Nio-Metals Holdings LLC (in New-York) for a business combination with the Company. Niocan has formed a special committee of independent directors ("Special Committee") to investigate and evaluate the offer as well as any other opportunities available to the Company, with the objective of further enhancing shareholder value ("Strategic Review").

Niocan does not intend to disclose developments with respect to the Strategic Review unless and until the Board has approved a definitive transaction or strategic option. Also, in the event a definitive proposal is received, there is no assurance that such a proposal will be recommended by the Special Committee or the Board or that such proposal will be implemented. There is no assurance that any transaction will occur, or if a transaction is undertaken, as to its terms or timing.

Niocan also announces that Mr. Bernard Coulombe, Chairman, President and CEO of the Corporation has resigned as a director and officer of the Corporation for personal reasons effective yesterday evening. The Board of Directors thanks Mr. Coulombe for his dedication and contribution over the past years to the advancement of the Company and wishes him much success in his future endeavors. Mr. Coulombe will remain a consultant to Niocan.

The Board of Directors is pleased to announce that Mr. Hubert Marleau, who has over 10 years experience with the Company, having served as director and Chairman, will assume the position of Interim Chairman of the Board of Directors and CEO of Niocan.

About Niocan

Niocan's mission is to become a ferroniobium producer as soon as possible, following the issuance of a Certificate of Authorization from the Ministry of Sustainable Development, Environment and Parks for its Oka niobium property. Mining assets include mining rights in two (2) properties: 48 claims covering 1604 acres as well as surface rights on 231 acres at Oka and the Hudson Bay Great Whale Iron property covering 17,098 acres.

On behalf of the Board of Directors

FORWARD LOOKING STATEMENT

Certain statements contained in this press release are forward-looking and are subject to numerous risks and uncertainties, know and unknown. For information identifying known risks and uncertainties, relating to the issuance by the Ministry of Environment of the Certificate of Authorization to build the mine in Oka, financial resources, market prices, exchange rates, politico-social conflicts, competition, the purchase of the old St-Lawrence Columbium mine site from the Municipality of Oka should the Certificate of Authorization be issued, and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk and Uncertainties Section of the Corporation's most recent Management's Discussion and Analysis, which may be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.

Contact Information

  • Niocan Inc.
    Hubert Marleau
    Interim Chairman of the Board and CEO
    514-288-8506
    514-843-4809 (FAX)
    info@niocan.com