Monday, January 04, 2010

Niko closes Black Gold acquisition

TSX-listed Niko Resources Ltd has closed the acquisition of Black Gold LLC for US$300 million. The acquisition was financed largely through a C$310 million convertible debenture credit facility and in part from general corporate funds. The convertible debenture credit facility matures in 3 years, bears a coupon rate of 5.0% and provides for a conversion price of C$110.50 for each common share. The convertible debenture credit facility was fully funded and subscribed for by Maju Investments, a subsidiary of Temasek Holdings of Singapore.
Black Gold is a partner in all of Niko's current Indonesian blocks. Niko also announced that Gary Christenson, the former head of Black Gold, has become Vice President of SE Asia Operations and the entire Black Gold team has joined the Company. Niko holds interest in 12 exploration blocks in Indonesia.

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