Nord Resources Corporation (NRDS): Terminates Merger Agreement w/Platinum Diversified Miningadmin
Nord Resources Corporation (NRDS) announced that it has delivered a Notice of Termination to Platinum Diversified Mining, Inc. regarding the proposed acquisition of Nord by Platinum in the all-cash merger transaction.
In the Notice of Termination and pursuant to the terms of the Merger Agreement, Nord has made a demand of Platinum to pay Nord a termination fee of $2,000,000 no later than the close of business on Tuesday, February 20, 2007. In addition, Nord has reserved all of its rights to pursue Platinum for damages.
The delivery of the Notice of Termination follows a request by Platinum to re-negotiate the Merger consideration.