TORONTO, Jan. 6 /CNW/ - OSC Staff brought an application, on an urgent basis, to cease trade
Nunavut Iron Ore Acquisition Inc.'s take-over bid to prevent Nunavut
from acquiring on January 10, 2011 Baffinland shares tendered to its
bid. Staff was concerned Baffinland shareholders did not have
sufficient disclosure to make a decision to tender into the Nunavut
bid. Staff reached an agreement with Nunavut as set out in Nunavut's
press release dated January 5, 2011.
Nunavut agreed that it will not take-up any Baffinland shares on January
10, 2011. Thereafter, in order for Nunavut to take up common shares
under its offer, it must either:
(1) Amend its bid to provide warrant consideration for Baffinland shares
as currently disclosed in its December 29, 2010 press release, and
extend its bid for a minimum of 10 days; or
(2) Amend its bid to clarify that it is withdrawing its proposal for the
warrant consideration, and extend for a minimum of 10 days.
The result of this agreement is to provide Baffinland shareholders
sufficient disclosure and time to consider the Nunavut bid and any
amendments to the bid.
Consequently, Staff appeared before the Commission on January 6, 2011 to
explain this agreement and withdraw its application.
SOURCE Ontario Securities Commission
For further information:
|For Media Inquiries: ||Wendy Dey|
Director, Communications & Public Affairs
| ||Dylan Rae|
Media Relations Specialist
| ||Theresa Ebden|
Senior Communications Specialist