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.
For further information:
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