Freewest Comments on Results of Noront Offer
15 December 2009 - 12:30AM
Marketwired
Freewest Resources Canada Inc. (TSX VENTURE: FWR) is pleased to
note that only 11,755,018 Freewest shares were tendered to the
unsolicited offer by Noront Resources Ltd. launched on October 13,
2009 for all of Freewest's shares, according to a press release
issued today by Noront. The tendered shares represent only 4.5% of
Freewest's shares on a fully-diluted basis. There are 239,601,336
Freewest shares currently issued and outstanding. Noront's offer
expired at 11:59 p.m. on Friday, December 11, 2009.
Freewest will proceed with its previously-announced Plan of
Arrangement with Cliffs Natural Resources Inc. (NYSE: CLF)(PARIS:
CLF), which provides Freewest shareholders, for each Freewest
share, with a fixed amount of $1.00 in Cliffs shares. Freewest
expects that a special meeting of shareholders will be held in
January 2010, and that a detailed management proxy circular
describing the Arrangement with Cliffs will be sent to Freewest
shareholders shortly.
"We are gratified by the strong support from our shareholders",
said Mackenzie I. Watson, President and Chief Executive Officer of
Freewest. "Freewest's Board of Directors recommended unanimously
that Freewest shareholders reject the offer from Noront, and the
vast majority of our shareholders shared that view. Noront's
unsolicited offer is now behind us, and we look forward to
completing our transaction with Cliffs in January 2010."
About Freewest
Freewest is a mineral exploration company actively exploring for
gold, base-metals and chromite within eastern Canada. Corporate
information can be accessed on the Internet at www.freewest.com.
Freewest's shares are listed on Tier 1 of the TSX Venture Exchange
under the symbol FWR.
Georgeson is acting as Freewest's solicitation agent in
connection with the proposed Plan of Arrangement with Cliffs
Natural Resources Inc. Georgeson may be contacted as follows:
Georgeson
100 University Avenue
11th Floor, South Tower
Toronto, Ontario
M5J 2Y1
North American Toll Free Number: 1-866-433-7579
Banks and Brokers Collect Number: 1-212-806-6859
Forward-Looking Statements
This news release contains statements that constitute
"forward-looking information" or "forward-looking statements"
within the meaning of applicable securities legislation. This
forward-looking information is subject to numerous risks and
uncertainties, certain of which are beyond the control of Freewest
Resources Canada Inc. ("Freewest"). Actual results or achievements
may differ materially from those expressed in, or implied by, this
forward-looking information. No assurance can be given that any
events anticipated by the forward-looking information will
transpire or occur, or if any of them do so, what benefits that
Freewest will derive therefrom. In particular, no assurance can be
given as to whether the proposed plan of arrangement with Cliffs
Natural Resources Inc. will be completed. Forward-looking
information is based on the estimates and opinions of Freewest's
management at the time the information is released and Freewest
does not undertake any obligation to update publicly or to revise
any of the forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Freewest Resources Canada Inc. Mackenzie I. Watson
President and CEO 514-878-3551 or 1-888-878-3551 514-878-4427 (FAX)
info@freewest.com www.freewest.com
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