Freewest Resources Canada Inc. Responds to Announcement of Unsolicited All-Share Offer by Noront Resources Ltd.
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MONTREAL, QUEBEC, Oct 05 (MARKET WIRE) --
Freewest Resources Canada Inc. (TSX VENTURE: FWR) announces that Noront
Resources Ltd. today issued a press release announcing Noront's intention
to make an unsolicited all-share offer for all of Freewest's outstanding
common shares. According to the press release, the offer will consist of
one common share of Noront for every four Freewest common shares.
Speaking on behalf of Freewest's Board of Directors, Mackenzie I. Watson,
President and Chief Executive Officer of Freewest, stated: "We believe
the unsolicited take-over offer announced by Noront is highly
opportunistic and significantly undervalues Freewest's assets and future
value-creation potential."
The Board of Directors of Freewest will consider the unsolicited offer
when it is formally made and make a recommendation to Freewest's
shareholders. The Board of Directors has undertaken steps to engage a
financial advisor in connection with the offer.
Freewest advises its
shareholders not to deposit any common shares of Freewest to the eventual
Noront offer and not to take any action concerning the offer until
Freewest shareholders have received further communication from the Board
of Directors of Freewest.
After receiving advice from its financial
advisor, the Board of Directors of Freewest will issue a directors'
circular concerning the Noront offer. The directors' circular will
contain important information, including the Board of Directors' formal
recommendation as to whether Freewest shareholders should reject or
accept the offer.
Freewest is a well-financed mineral exploration company. It is 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 the TSX Venture
Exchange under the symbol FWR.
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
Bay Street Connect
Michael D'Amico
Investor Relations
(647) 500-6023
AGORACOM
Investor Relations
FWR@Agoracom.com
http://agoracom.com/ir/freewest
Copyright 2009, Market Wire, All rights reserved.
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