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FREEWEST RESOURCES CN Freewest Resources Announces Distribution of Quest Uranium Shares to Freewest Shareholders 11/30/2007 - Quest Uranium Files Final Prospectus for Rights Offering MONTREAL, QUEBEC, Nov 30, 2007 (MARKET WIRE via COMTEX News Network) -- Freewest Resources Canada Inc. (TSX VENTURE: FWR) and Quest Uranium Corporation (TSX VENTURE: QUC) announce that the Board of Directors of Freewest has given final approval for the distribution by Freewest to its shareholders of an aggregate of approximately 6,256,000 common shares of Quest Uranium currently held by Freewest. Freewest will distribute approximately 6,256,000 Quest Uranium common shares to Freewest's shareholders. Each Freewest shareholder of record at the close of business on December 10, 2007 will receive one common share of Quest Uranium for every 25 common shares of Freewest held. No fractional common shares will be distributed in connection with the distribution and shareholders of Freewest will not receive any payment in lieu of fractional shares to which they would otherwise be entitled. After the distribution, Freewest will hold approximately 3,744,000 common shares of Quest Uranium. Freewest's registered shareholders will receive share certificates representing their Quest Uranium shares by mail shortly after the December 10, 2007 record date. Freewest's beneficial shareholders should contact their securities dealers regarding their Quest Uranium shares. Quest Uranium announces that it has filed a final prospectus dated November 29, 2007 with the securities commissions of each of the provinces of Canada for a rights offering in a maximum amount of $938,400. Each shareholder of record of Quest Uranium on December 10, 2007 will receive one right for each common share held. Each right will entitle the holder to acquire one additional common share of Quest Uranium at a price of $0.15 until January 4, 2008. The prospectus will be available under Quest Uranium's company profile on SEDAR at www.sedar.com . The TSX Venture Exchange has approved the listing of the common shares of Quest Uranium subject to, among other standard listing conditions, the completion of the rights offering and private placement for aggregate minimum gross proceeds of $2,025,000 and evidence of satisfactory distribution of at least 200 public shareholders of Quest Uranium each holding a board lot. In connection with the rights offering, Quest Uraniuam has entered into a Standby Purchase Agreement with Mackenzie I. Watson, the President of Quest Uranium, Ronny Kay, the Chief Financial Officer, and Michael Pesner, a director of Quest Uranium, under which they have agreed to purchase shares in an aggregate amount of $525,000, to the extent that shares are available following the closing of the rights offering. Quest Uranium is also effecting a private placement of a maximum of 5,000,000 "flow-through" common shares at a price of $0.30 per share, through Union Securities Inc. as agent. In connection with the private placement, Quest Uranium will pay a cash commission to Union Securities in an amount equal to 7% of the total proceeds of the private placement, and grant Union Securities an option to acquire a number of shares equal to 5% of the number of shares issued in the private placement, which option may be exercised at a price of $0.30 per share for a period of 15 months from the closing of the private placement. If the rights offering and private placement are fully subscribed, there will be 21 million common shares of Quest Uranium issued and outstanding. Of these, it is expected that Freewest's shareholders will hold, in the aggregate, 29.8% of the Quest Uranium shares, Freewest will hold 17.8%, investors in the rights offering will hold 28.6% and investors in the private placement will hold 23.8% of the shares. The distribution by Freewest of approximately 6,256,000 common shares of Quest Uranium will not affect Freewest's issued and outstanding shares. It is possible that those who have engaged in short selling of the shares of Freewest Resources may not be able to cover their short positions, in light of the dividend declaration, until such time, if any, as Quest Uranium is listed on the TSX Venture Exchange. Quest Uranium was incorporated in June 2007 as a wholly-owned subsidiary of Freewest with the intention of taking over the uranium assets and exploration activities currently carried on by Freewest, so that Freewest can devote itself solely to exploration for precious and base metals. Prior to December 10, 2007, Quest will enter into an agreement with Freewest with respect to the acquisition by Quest of: (i) the George River property, in respect of which a technical report has been prepared in conformity with National Instrument 43-101, "Standards of Disclosure for Mineral Projects"; and (ii) five uranium properties in Ontario and one uranium property in New Brunswick. The properties to be transferred by Freewest to Quest Uranium comprise Freewest's portfolio of uranium exploration properties and after such transfer, Freewest does not intend to be directly involved in uranium exploration. Freewest will retain rights to precious metals and base metals with respect to the George River property and the six other uranium properties. Quest Uranium may acquire additional interests in uranium exploration properties in the future. Freewest is a well-funded mineral exploration company exploring for gold, uranium and base metals in 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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press 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 SOURCE: Freewest Resources Canada Inc. mailto:info@freewest.com http://www.freewest.com http://www.stockhouse.com/news/news.asp?newsid=6238166&tick=… |
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| aus der Diskussion: | FAKTENTHREAD: JAMES BAY LOWLANDS (firmenunabhängige Übersicht) |
| Autor (Datum des Eintrages): | mike32 (01.12.07 10:24:38) |
| Beitrag: | 82 von 243 (ID:32636416) |
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