Freewest Obtains Interim Order for Plan of Arrangement With Cliffs Natural Resources Inc.
18 Dezember 2009 - 4:52PM
Marketwired
Freewest Resources Canada Inc. (TSX VENTURE: FWR) is pleased to
announce that it obtained today an interim order from the Ontario
Superior Court of Justice (Commercial List) with respect to
Freewest's previously-announced Plan of Arrangement with Cliffs
Natural Resources Inc. (NYSE: CLF)(PARIS: CLF). The Plan of
Arrangement provides that Freewest shareholders will receive, for
each Freewest share, a fixed amount of $1.00 in Cliffs shares. The
interim order, among other things, authorizes Freewest to call and
hold a special meeting of Freewest shareholders to consider the
Plan of Arrangement with Cliffs. In accordance with the interim
order, the special meeting of shareholders will be held in Montreal
on January 25, 2010, with a record date at the close of business on
December 22, 2009.
In connection with the special meeting, Freewest expects to mail
a detailed management proxy circular to Freewest shareholders
shortly after the December 22 record date. The circular will
include the unanimous recommendation of Freewest's Board that
shareholders vote for the Arrangement with Cliffs, as well as a
fairness opinion of CIBC World Markets Inc., Freewest's financial
advisor.
Freewest changed the record date and meeting date for the
special meeting from the previously-announced dates in order to
extend the right to vote at the meeting to those who purchased
Freewest shares following the announcement by Freewest on December
10 of the final purchase price of $1.00 per share.
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 is acting as Freewest's solicitation agent in
connection with the 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 the 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) Email: info@freewest.com Website: www.freewest.com AGORACOM
Investor Relations FWR@Agoracom.com
http://agoracom.com/ir/freewest
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