Freewest Resources Canada Inc. Responds to Announcement of Unsolicited All-Share Offer by Noront Resources Ltd.
- Offer will significantly undervalue Freewest
- Freewest Board advises shareholders to take no action pending Board recommendation
MONTREAL, QUEBEC--(Oct. 5, 2009) - 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.
For more information, please contact
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
or
Bay Street Connect
Michael D'Amico
Investor Relations
(647) 500-6023
Or
AGORACOM
Investor Relations
FWR@Agoracom.com
http://agoracom.com/ir/freewest
