I have to disagree with the following:

So in that regard, they are saying, "Please don't tender your shares now, we will hopefully get you a better deal in the future." But I wouldn't read that to necessarily be before Nov. 18th.

The release said:

The Noront offer is scheduled to expire on November 18, 2009. Given that the Freewest Board of Directors is considering alternatives to enhance shareholder value, the Board of Directors recommends that you not take any action until closer to this date, to ensure that you are aware of all options available to you.

This says to me that they have something to tell us before the 18th.