NiCo to Acquire Red Crescent Resources Holding A.S.

NiCo Mining Limited (TSX VENTURE:NCL) reported that the company has entered into a letter agreement dated March 24, 2010 with Red Crescent Resources Holding A.S., a company incorporated under the laws of Turkey, pursuant to which NiCo has agreed to acquire all of the issued and outstanding shares of RCR.

The press release is quoted as saying:

Under the terms of the Letter Agreement, NiCo will acquire all of the issued and outstanding shares of RCR in exchange for the issuance to shareholders of RCR such number of common shares of NiCo as determined by dividing the net asset value of RCR by the net asset value of NiCo as determined in accordance with a formula set out in the Letter Agreement.

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