TORONTO, Jan. 9, 2012 /CNW/ - WW Mines Inc., formerly known as Nunavut
Iron Ore Acquisition Inc. ("Nunavut Iron" or "the Company"), issued the
following statement today after being advised that Staff of the Ontario
Securities Commission ("OSC") are commencing proceedings against two of
the Company's principals in connection with the offer made by Nunavut
Iron for Baffinland Iron Mines Corporation ("Baffinland") first
announced in September 2010:
"It is regrettable that OSC Staff chose to commence proceedings before
the Commission concerning this matter. The Company strongly believes
the allegations made by Staff are completely without merit and will not
withstand scrutiny by a Hearing Panel of Commissioners. Bruce Walter,
Chairman, and Jowdat Waheed, Chief Executive Officer, intend to defend
this proceeding vigorously and to seek complete vindication from a
Panel of Commissioners which will act independently of Staff throughout
the hearing process.
The allegations of OSC Staff are primarily related to a purchase of a
toe-hold in Baffinland immediately prior to the launch of Nunavut
Iron's public offer for Baffinland, announced on September 22, 2010.
Nunavut Iron's takeover offer led to a series of bids that resulted in
Baffinland shareholders ultimately receiving a premium of approximately
375% over the market price at the time of the first offer.
The acquisition of this toe-hold was made lawfully, from a single vendor
who was accurately informed and was completed in accordance with the
Securities Act, as well as all applicable rules and policies of the
OSC. The toe-hold acquisition was disclosed fully in Nunavut's Bid
Circular dated September 22, 2010.
To the best of the Company's knowledge, no Staff of any Securities
Commission in Canada has ever initiated enforcement proceedings in
circumstances analogous to these.
WW Mines continues to own all of its investment in Baffinland and is
fully committed to funding its share of the development of one of
Canada's largest mining projects in history and the first of its kind
in the High Arctic."
Counsel for Bruce Walter, is Kent Thomson, Partner, Davies Ward Phillips
& Vineberg LLP. Counsel for Jowdat Waheed is Paul Steep, Partner,
McCarthy Tetrault LLP.
SOURCE WW Mines
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