Aurora Acknowledges Fronteer Mailing of Take-Over Bid Circular
January 23 2009 - 3:26PM
Marketwired
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(Toronto time) on March 2, 2009, unless extended or withdrawn, and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.
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 Fronteer Offer, any possible alternative
transaction, 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 the Fronteer Offer not being completed, the terms
of the Fronteer Offer, the lack of any alternative transaction, the
terms of any alternative transaction, 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,
except as required by law. Accordingly, readers should not place
undue reliance on forward-looking statements.
Contacts: Aurora Energy Resources Inc. Bruce Dumville President
& CEO (709) 726-2223 Aurora Energy Resources Inc. Andrea
Marshall Manager, Government and Media Relations (709) 726-2223
Aurora Energy Resources Inc. Don Falconer VP Corporate Affairs
(416) 362-5556 Website: www.aurora-energy.ca
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