TORONTO, Jan. 26 /CNW/ - Nunavut Iron Ore Acquisition Inc. ("Nunavut Iron") confirmed today that, as at 11:59 p.m. on January 25, 2011, certain
conditions of its offer (the "NI Offer") to purchase common shares of Baffinland Iron Mines Corporation ("Baffinland") described in the Notice of Variation and Extension dated January 10,
2011 had not been satisfied and that the NI Offer has expired. Any
common shares deposited to the NI Offer and not previously withdrawn
will be promptly returned to the depositing shareholders.
The expiration of the NI Offer does not affect Nunavut Iron's and
ArcelorMittal's joint offer (the "Joint Offer") to purchase all of the outstanding common shares of Baffinland for
$1.50 in cash per common share and all outstanding common share
purchase warrants issued pursuant to a warrant indenture dated 31
January 2007 (the "2007 Warrants") for $0.10 per warrant.
On January 25, 2011 Nunavut Iron and ArcelorMittal announced that they
had waived the minimum tender condition under the Joint Offer and took-up 189,501,398 common shares and 2,701,406 2007
Warrants. The 189,501,398 common shares taken-up under the Joint Offer
represent approximately 50% of the outstanding common shares on a
non-diluted basis (or approximately 48% of the outstanding common
shares on an in-the-money, fully-diluted basis) and together with the
40,721,400 common shares held by Nunavut Iron and its affiliates,
represent approximately 61% of the outstanding common shares on a
non-diluted basis (or approximately 59% of the outstanding common
shares on an in-the-money, fully-diluted basis). The 2,701,406 2007
Warrants taken-up under the Joint Offer represent approximately 45% of
the outstanding 2007 Warrants.
The Joint Offer has been extended to 11:59 p.m. (Toronto time) on
February 4, 2011 to allow Baffinland securityholders who have not yet
tendered their common shares and 2007 Warrants to the Joint Offer time
to do so.
ABOUT NUNAVUT IRON AND IRON ORE HOLDINGS, LP
Nunavut Iron was incorporated under the laws of Canada on August 27,
2010 and is wholly owned by Iron Ore Holdings, LP.
Iron Ore Holdings, LP is a limited partnership formed under the laws of
Delaware for the purpose of making the NI Offer. Iron Ore Holdings is
owned by Bruce Walter, the Chairman of Nunavut Iron, Jowdat Waheed, the
President and Chief Executive Officer of Nunavut Iron, and funds
managed by The Energy & Minerals Group. The Energy & Minerals Group is
a private investment firm with a family of funds with over US$2 billion
under management that invest in the energy and minerals sectors.
SOURCE Nunavut Iron Ore
For further information:
SHAREHOLDERS OF BAFFINLAND IRON MINES CORPORATION
Kingsdale Shareholder Services Inc.
Toll Free 1-888-518-1562 (English or French)
Outside North America, Bankers and Brokers Call Collect 416-867-2272
Facsimile: 416-867-2271, Toll Free Facsimile 1-866-545-5580
or visit www.baffinlandoffer.com
Lute & Company