Nevada, northwestern Turkey, and Labrador
Gold exploration & development - advancing big deposits with production potential.
Message: Aurora Acknowledges Fronteer Mailing of Take-Over Bid Circular
| January 23, 2009 |
| Aurora Acknowledges Fronteer Mailing of Take-Over Bid Circular |
| ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Jan. 23, 2009) - The special committee of independent directors (the "Special Committee") of Aurora Energy Resources Inc. ("Aurora" or the "Company") (TSX:AXU) today acknowledged that Fronteer Development Group Inc. ("Fronteer") has announced that it has filed with securities regulators in Canada and the United States and has commenced the mailing of its formal offer (the "Fronteer Offer") to acquire all of the common shares of Aurora that it does not already own on the basis of 0.825 of a Fronteer common share for each Aurora common share. The Fronteer Offer will expire at 8:00 p.m. (Toronto time) on March 2, 2009, unless extended or withdrawn, and is subject to certain conditions. As previously announced, the Special Committee has retained National Bank Financial Inc. as its financial advisor to give it financial and strategic advice in connection with the Fronteer Offer in its efforts to maximize shareholder value. National Bank Financial Inc. has commenced a process of canvassing potential parties to identify possible alternative transactions that would provide greater value to shareholders than the Fronteer Offer, although there can be no assurance that any such alternative transaction will emerge. National Bank Financial Inc. will also assess the fairness of the Fronteer Offer consideration, from a financial point of view, to the Company's shareholders, other than Fronteer and its affiliates. There is no immediate urgency for Aurora shareholders to do anything with respect to the Fronteer Offer. The Aurora Board of Directors will communicate further with shareholders prior to the expiry of the Fronteer Offer, including the mailing of a directors' circular to shareholders, so that Aurora shareholders will have updated information in deciding whether or not to tender to the Fronteer Offer. The Special Committee advises Aurora shareholders to defer making any decision with respect to the Fronteer Offer until the Aurora Board of Directors formally communicates its position on the Fronteer Offer. |
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