Dec 17 2010
Nunavut Iron Ore Acquisition Inc. announced that it has today acquired ownership of 6,027,700 Common Shares of Baffinland Iron Mines Corporation through the facilities of the Toronto Stock Exchange, the Alpha Market and the Pure Trading Market, representing approximately 1.6% of the outstanding Common Shares.
The highest price paid and the average price paid for the Common Shares purchased today was $1.29 and $1.2542 per Common Share, respectively. The aggregate number of Common Shares acquired by Nunavut Iron since the commencement of the Offer is 15,330,900 Common Shares. The average price paid for the Common Shares purchased by Nunavut Iron since the commencement of the Offer is $1.2144 per Common Share. Nunavut Iron, together with all persons acting jointly or in concert with it, now owns 40,721,400 Common Shares representing in the aggregate approximately 10.5% of the outstanding Common Shares.
Nunavut Iron acquired the Common Shares in furtherance of its Offer for majority ownership and control of Baffinland. Nunavut Iron continues to reserve the right in its Offer to acquire additional Common Shares, up to 5% of the outstanding Common Shares, based on the number of Common Shares outstanding at the time of the commencement of the Offer. Nunavut Iron intends to purchase Common Shares pursuant to the Offer and may make future purchases after completion of the Offer as circumstances warrant.