Nevada, northwestern Turkey, and Labrador
Gold exploration & development - advancing big deposits with production potential.
Message: Acquires Additional Shares and Now Owns 92.1% of Aurora Energy Resources Inc.
| March 2, 2009 |
| Fronteer Acquires Additional Shares and Now Owns 92.1% of Aurora Energy Resources Inc. |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2009) - Fronteer Development Group Inc. ("Fronteer") (TSX:FRG)(NYSE Alternext US:FRG) is pleased to announce that as of 8:00 p.m. on March 2, 2009, approximately 36,526,336 common shares ("Aurora Shares") of Aurora Energy Resources Inc. ("Aurora") had been validly deposited to Fronteer's offer to acquire all of the outstanding Aurora Shares that it did not already own (the "Offer"). Fronteer has taken up and accepted for payment all of such Aurora Shares. Fronteer has now increased its ownership interest from approximately 42.2% to approximately 92.1% of the outstanding Aurora Shares. The Offer expired at 8:00 p.m. on March 2, 2009. Fronteer President and Chief Executive Officer Mark O'Dea said: "We are pleased that Aurora shareholders have accepted our Offer, and we welcome them as Fronteer shareholders." Fronteer offered to acquire all of the outstanding Aurora Shares on the basis of 0.825 of a common share of Fronteer for each Aurora Share. Payment of 0.825 of a Fronteer common share for each Aurora Share validly tendered to the Offer, subject to adjustment with respect to fractional shares, will be made on or before March 5, 2009. Fronteer will issue approximately 30,134,227 common shares as payment for the Aurora Shares acquired under the Offer. Fronteer intends to take such actions as are necessary, including holding a special meeting of Aurora shareholders, to effect a subsequent acquisition transaction that will enable Fronteer to acquire the remaining outstanding Aurora Shares not tendered under the Offer, resulting in Fronteer's ownership of 100% of the Aurora Shares. Fronteer intends to vote all of its Aurora Shares, including the Aurora Shares acquired under the Offer in favour of any subsequent acquisition transaction. The Aurora Shares acquired by Fronteer under the Offer are qualified to be included as votes in favour, and are sufficient to ensure the approval by a majority of the minority of Aurora Shares, of any subsequent acquisition transaction that may be proposed by Fronteer, in accordance with applicable Canadian securities laws. Following the completion of such a transaction, Fronteer currently intends to apply to de-list the Aurora Shares from the Toronto Stock Exchange and to cause Aurora to cease to be a reporting issuer. ABOUT FRONTEER Fronteer is an exploration and development company with a track record of making big discoveries. In addition to its ownership interest in Aurora, Fronteer has an extensive portfolio of advanced stage gold projects in Nevada and a 40% interest in three gold and copper-gold projects in western Turkey. Fronteer has no debt and is not invested in any short-term commercial paper or asset-backed securities. Fronteer has approximately $76 million in cash and cash equivalents held with large Canadian commercial banks. FURTHER INFORMATION For further information about Fronteer, please visit www.fronteergroup.com or contact: |
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