Aurora Acknowledges Fronteer Press Release
December 22 2008 - 2:47PM
Marketwired
Aurora Energy Resources Inc. ("Aurora" or the "Company") (TSX: AXU)
today acknowledged that Fronteer Development Group Inc.
("Fronteer") has issued a press release stating that Fronteer
intends to make an offer (the "Fronteer Offer") to acquire all of
the outstanding common shares of Aurora not already held by it on
the basis of 0.825 of a Fronteer common share for each Aurora
common share. Aurora understands that Fronteer holds approximately
42% of the outstanding Aurora common shares.
The Fronteer press release states that Fronteer anticipates the
Fronteer Offer will be made by way of a formal offer and take-over
bid circular to be mailed to all Aurora shareholders no later than
January 30, 2009. Aurora's Board of Directors has formed a Special
Committee of directors who are independent of Fronteer and will
evaluate the proposed Fronteer Offer. The Special Committee has
retained National Bank Financial Inc. as its financial advisors and
Ogilvy Renault LLP as its legal advisors.
Fronteer has not yet made any formal offer and no action is
required by Aurora shareholders at this time. Aurora recommends
that its shareholders defer making any decision with respect to the
offer until the Aurora Board of Directors formally communicates to
shareholders its position on any such offer. Aurora's Board of
Directors will advise Aurora shareholders of its position on any
such offer by news release and directors' circular, as required by
applicable securities law.
ABOUT AURORA
Aurora is a uranium exploration and development company active
in the Central Mineral Belt of coastal Labrador - one of the
world's most promising uranium districts - and in Nunavut, Canada,
where it has acquired an interest in the Baker Lake Basin
property.
Aurora has no debt and approximately C$99 million in cash that
is fully liquid and held with a large Canadian commercial bank.
Aurora is committed to responsible development, which includes
community consultation, lasting local benefits and the highest
standards of safety, health, and environmental protection.
Except for the statements of historical fact contained herein,
certain information presented constitutes "forward-looking
statements". Such forward-looking statements, including but not
limited to the making of any offer for Aurora shares and the terms
of any such offer, the timing and level of exploration activities,
including drilling activities, the timing of completion of a
pre-feasibility study and anticipated results of the 2008 work
program; involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievement of Aurora to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others,
risks related to no offer for the Aurora shares being made, any
such offer not being completed, the terms of any such offer, the
actual results of current exploration activities, conclusions of
economic evaluations, uncertainty in the estimation of mineral
resources, changes in project parameters as plans continue to be
refined, future prices of uranium, economic and political stability
in Canada, environmental risks and hazards, increased
infrastructure and/or operating costs, labor and employment
matters, and government regulation as well as those factors
discussed in the section entitled "Risk Factors" in Aurora's Annual
Information Form on file with the Canadian Securities Commissions.
Although Aurora has attempted to identify important factors that
could cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Aurora
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Accordingly, readers should not place
undue reliance on forward-looking statements.
Contacts: Aurora Energy Resources Inc. Bruce Dumville President
& CEO (709) 726-2223 Website: www.aurora-energy.ca
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