prnews
Symbol: NOT:TSX-V
Shares Outstanding: 163,631,957
Fully Diluted: 173,461,957
TORONTO, Nov. 12 /PRNewswire-FirstCall/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) announces that it has reached an agreement with Freewest Resources Canada Inc. ("Freewest") whereby Noront will extend its Offer of 0.25 of a Noront common share and C$0.0001 in cash for each Freewest common share until 5:00pm (Toronto time) on December 1, 2009, and terminate its application to the Bureau de Decision et de Revision en Valeurs Mobilieres for a cease-trade order in respect of Freewest's Shareholder Rights Plan. In exchange, Freewest has agreed to waive the application of its Shareholder Rights Plan to Noront's Offer.
Wes Hanson, President and CEO of Noront stated, "Under the agreement reached today between Noront and Freewest, we have agreed to extend our Offer until December 1, 2009 and Freewest has agreed to waive effective immediately at 5:00 p.m. on December 1, 2009 the application of the Shareholder Rights Plan to our Offer. We encourage Freewest shareholders to take this opportunity to realize the full and fair value of our Offer, which is the only outstanding offer, and to tender their shares. Mr. Hanson further stated, "We note the entering into of a confidentiality and exclusivity agreement by Freewest with a single, unnamed party on the 40th day following the original announcement of our intention to make the Offer. Typically, parties seek to canvass all strategic alternatives and we are surprised that Freewest has essentially admitted at this stage that the range of options available to them consist only of the certainty of the Noront bid and the uncertainty of one unnamed offeror. This confirms our view that Noront's offer is the only realistic opportunity for Freewest to consummate a transaction which maximizes value for its shareholders."
All other terms and conditions of Noront's Offer for Freewest, described in the October 13, 2009 Offer to Purchase and Circular previously mailed to all shareholders, remain unchanged. Noront will mail to the Freewest Shareholders a Notice of Variation to the Offer, which will be subsequently filed on SEDAR.
Freewest Shareholder Luncheon - Postponed
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In light of the foregoing, Noront has decided to postpone its upcoming Freewest Shareholder Discussion Luncheon originally scheduled for November 13, 2009. Noront intends to reschedule the Luncheon for the week of November 23rd, with further details to follow. We urge Freewest shareholders to participate in the event so that they may have their questions answered. The Discussion Luncheon location and call in information for participants will be reconfirmed at a later date. Please note that the Luncheon will be an invitation only event; however there will be ample opportunity in an open audio session after the presentation and during the Question and Answer portion of the Luncheon for all shareholders to call in and ask Wes Hanson questions regarding the Offer. For further information regarding the Discussion Luncheon, please contact Sheena Anderson at the Investor Relations Department at (416) 367-1444 ext 120.
Freewest Offer
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Noront's Offer remains the only offer outstanding for Freewest shareholders.
