Jan 27 2011
Nunavut Iron Ore Acquisition Inc. confirmed today that certain conditions of its offer to purchase common shares of Baffinland Iron Mines Corporation 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Any common shares deposited to the NI Offer and not previously withdrawn will be promptly returned to the depositing shareholders.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.
Source: Nunavut Iron Ore Acquisition Inc.