Freewest Demands Immediate Retraction of Defamatory Press Release by Noront
10 Dicembre 2009 - 7:35PM
Marketwired
Freewest Resources Canada Inc. (TSX VENTURE: FWR) announces that
its Board of Directors has sent a demand letter to Noront Resources
Ltd. and to each of Noront's directors, demanding the immediate
retraction of defamatory statements contained in a press release
issued by Noront on December 4, 2009 in connection with Noront's
hostile take-over bid for Freewest.
In its press release, Noront falsely stated, among other things,
that "Freewest's shareholders have been abandoned by their Board
and Management" and that "Freewest management does not fully
understand /. their duty to their shareholders". These statements
are false and unfair, and attack the honesty and integrity of
Freewest's directors and management.
As Noront well knows, the Board of Directors of Freewest has
negotiated a transaction with Cliffs Natural Resources Inc. under
which Freewest shareholders will receive shares of Cliffs which now
have a fixed value of C$1.00 per Freewest share. This represents a
premium of 217% when compared to the unaffected closing price of
Freewest's shares on October 2, 2009, immediately prior to the
announcement by Noront of its hostile take-over bid for Freewest.
By that reasoning, had Freewest agreed to Noront's original offer
with an implied price of $0.3975 per Freewest share, or Noront's
revised "final" offer with an alleged implied price of $0.86 per
Freewest share, which subsequently traded lower, it would have been
an "abandonment" of Freewest's shareholders.
The press release contains numerous other statements that are
entirely false and defamatory to Freewest's directors, including an
unfounded statement that Freewest "instituted a timetable that
frustrates competing Offers". In all instances, the Board of
Directors of Freewest has acted in full conformity with its
fiduciary duty to Freewest and its shareholders.
Freewest's Board of Directors reminds shareholders that the
Board unanimously recommends that Freewest shareholders: (i) NOT
tender their shares to the Noront offer; and (ii) vote FOR the Plan
of Arrangement with Cliffs Natural Resources Inc. at the special
meeting of shareholders to be held 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 Inc. is acting as Freewest's solicitation agent in
connection with a 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 a 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 AGORACOM Investor
Relations FWR@Agoracom.com http://agoracom.com/ir/freewest
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