Cliffs Natural Resources Inc. Announces Early Warning Requirements for the
Sale of Zenyatta Ventures Ltd. Securities
CLEVELAND, March 26, 2013 /CNW/ - Cliffs Natural Resources Exploration Inc.
("CNRE"), an affiliate of Cliffs Natural Resources Inc. (NYSE: CLF) (Paris:
CLF) ("Cliffs"), announces that it has sold 1,540,000 common share purchase
warrants (the "Warrants") of Zenyatta Ventures Ltd. ("Zenyatta"), representing
approximately 3% of the issued and outstanding securities of Zenyatta on a
partially diluted basis. The Warrants were sold by CNRE by way of a private
Following the sale of the Warrants, Cliffs (and its affiliates) owns a total
of 5,175,000 shares of Zenyatta, representing approximately 11% of Zenyatta's
outstanding shares, and 1,660,000 common share purchase warrants; 660,000 of
which entitle the holder to acquire one common share of Zenyatta for $1.00
until June 23, 2013, and 1,000,000 of which entitle the holder to acquire one
common share of Zenyatta for $1.50 until December 23, 2015. In the event that
the common share purchase warrants are fully exercised and all shares are
issued pursuant to the Block 4F Claims purchase agreement between Cliffs and
Zenyatta, Cliffs (and its affiliates) would hold 7,585,000 common shares in
the capital of Zenyatta, representing approximately 15% of the total issued
and outstanding shares of Zenyatta calculated on a partially diluted basis and
13% on a fully diluted basis.
Cliffs (and its affiliates) hold the shares and warrants of Zenyatta for
investment purposes and may, from time to time, acquire additional securities
of Zenyatta or dispose of such securities as it may deem appropriate. CNRE's
address is c/o Cliffs Natural Resources Inc., 200 Public Square, Suite 3300,
Cleveland, OH 44114, and a copy of the applicable early warning report can be
obtained from counsel to CNRE, Lawson Lundell LLP, Attention Randall Chatwin
at (604) 631-6799 or under Zenyatta's profile on SEDAR at www.sedar.com.
About Cliffs Natural Resources Inc.
Cliffs Natural Resources Inc. is an international mining and natural resources
company. A member of the S&P 500 Index, the Company is a major global iron ore
producer and a significant producer of high- and low-volatile metallurgical
coal. Cliffs' strategy is to continually achieve greater scale and
diversification in the mining industry through a focus on serving the world's
largest and fastest growing steel markets. Driven by the core values of
social, environmental and capital stewardship, Cliffs associates across the
globe endeavor to provide all stakeholders operating and financial
The Company is organized through a global commercial group responsible for
sales and delivery of Cliffs' products and a global operations group
responsible for the production of the minerals the Company markets. Cliffs
operates iron ore and coal mines in North America and an iron ore mining
complex in Western Australia. In addition, Cliffs has a major chromite
project, in the feasibility stage of development, located in Ontario, Canada.
News releases and other information on the Company are available on the
Internet at: http://www.cliffsnaturalresources.com
INVESTOR RELATIONS AND GLOBAL COMMUNICATIONS CONTACTS: Jessica Moran,
Director, Investor Relations, (216) 694-6532; Patricia Persico, Director,
Global Communications, (216) 694-5316
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SOURCE: Cliffs Natural Resources Inc.
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-0- Mar/26/2013 20:31 GMT
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