Saturday 20th October 2018

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Baffinland Iron Board recommends acceptance of $590M Takeover Bid

The Board of Directors for Baffinland Iron Mines Corporation BIM:CA has recommended that the company’s securityholders accept the joint offer to acquire Baffinland Iron for $590 million made by Nunavut Iron Ore Acquisition Inc and ArcelorMittal. The joint offer is to aquire all outstanding common shares of Baffinland Iron for $1.50 per common share and 2007 common share purchase warrants for $0.10. The joint offer represents a 36% premium on ArcelorMittal’s original offer of $1.10 for all common shares and an 80% premium on the original Nunavut offer of $0.80 per share.

Baffinland Iron is a publicly-traded junior mining company that is focused on its wholly-owned Mary River iron ore deposits located on Baffin Island, Nunavut Territory, Canada.

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Phoenix Advisory Partners
or 800.503.9445

by Ted Niles

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