FREEWEST RESOURCES Gewinner 2007 ? - 500 Beiträge pro Seite (Seite 2)
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Im Noront Forum gibt es ein User Uprock,der sagt wir können froh sein das Noront uns das Angebot gemacht hat,sonst wäre der Kurs
immer noch bei 0,20 EUR.Das MM ist nicht im Stande den Kurs allein nach oben zu bringen,hat Freewest wirklich nichts zu bieten?
Ich bin am überlegen ob ich das Angebot annehmen soll.Denn der User hat einige gute Argumente für die Annahme gegeben.Was passiert wenn die Übernahme platzt sind wir dann wieder bei 0,20 EUR.
Mr Jewing
immer noch bei 0,20 EUR.Das MM ist nicht im Stande den Kurs allein nach oben zu bringen,hat Freewest wirklich nichts zu bieten?
Ich bin am überlegen ob ich das Angebot annehmen soll.Denn der User hat einige gute Argumente für die Annahme gegeben.Was passiert wenn die Übernahme platzt sind wir dann wieder bei 0,20 EUR.
Mr Jewing
Antwort auf Beitrag Nr.: 38.158.187 von MrJewing am 12.10.09 11:58:11
...hat dieser user das auch begründet.....der schelm !!!
will sich wohl so noch billig paaaaaar FWRs schnappen
...hat dieser user das auch begründet.....der schelm !!!
will sich wohl so noch billig paaaaaar FWRs schnappen
Antwort auf Beitrag Nr.: 38.158.187 von MrJewing am 12.10.09 11:58:11#1720 von uprock 11.10.09 21:16:35 Beitrag Nr.: 38.156.098
Dieses Posting: versenden | melden
Folgende Antwort bezieht sich auf Beitrag Nr.: 38.128.127 von Fantomas96 am 06.10.09 23:25:52
Hallo Fantomas,
keine Ahnung, seit wann Du Dich mit Freewest beschäftigst. Ich habe den Laden jedenfalls Jahre vor Eagle 1 und A-hyper- ... ääh Agoracom bereits auf dem Schirm gehabt und kann Dir ausdrücklich bestätigen, dass er in den nordamerikanischen Boards stets als das galt, was ich geschrieben hatte: als Loser-Explorer, der in all den Jahren nichts zustande brachte, was den Markt in Mark und Pfennig gerechnet nachweislich bewegt hätte. Die Ruinen von -zig irgendwann mal angefangenen und dann im Sand verlaufenen Explorationsvorhaben dieser Firma kann noch heute jeder, der es wissen will, in deren offiziellen Berichtswerken besichtigen. Dabei will ich im einzelnen auf das FWR-Portfolio gar nicht eingehen. Ihre Chrom-Bohrergebnisse sehen für Dich und mich als Laien gut aus. Die kalte Realität ist aber, dass Leute, die es besser als wir wissen, bisher unbeeindruckt sind. Oder warum stand Freewest 2004 bei $0.20, 2005 bei $0.20, 2006 bei $0.20, 2009 bei $0.20 ... und würde aller Wahrscheinlichkeit ohne das NOT-Übernahmeangebot auch morgen früh immer noch in genau derselben Region herumgekrebst sein.
Es bringt auch niemand weiter, wenn Du mich falsch zitierst. Von nicht "nennenswertem" Gegenwert hat niemand gesprochen. Ich sagte, dass FWRs gewaltige Aktienanzahl von 214 Millionen Stück nicht im Verhältnis zu dem steht, was diese Firma bisher geleistet hat, und ihre Cashposition längst nicht ausreicht für das, was in Zukunft allein auf ihren allerwichtigsten Liegenschaften noch zu bewältigen sein wird. Beides ist doch wohl Fakt. Jedenfalls kenne ich etliche Explorer, die weitaus bedeutendere Assets als Freewest besitzen, cashmässig viel besser gestellt sind und trotzdem nur einen Bruchteil von FWR's Aktienanzahl draussen haben.
Schön jedenfalls, dass wir uns nun letztendlich dann doch, wie ich Deinem Posting entnehme, in der Bewertung von Windfall Lake als millionenschwerem Geldgrab für Noront einig sind. Vor kaum ein paar Monaten hast Du meine entsprechenden Kommentare ja stets noch entschieden verneint. In den Sand gesetzt wurden hier übrigens wohl eher 20 Millionen CAD als die von Dir behaupteten 15. Wo wir schon bei Noront-Flops sind, lass uns eine kurze Gedenksekunde halten für das laut letztem NOT-Jahresbericht still und leise komplett auf Null abgeschriebene, fast gesamte Property-Portfolio von Noront ausserhalb des Ring Of Fire. Immerhin wurde darüber, soweit ich weiss, hier im Thread vor lauter Kursjubel noch nie ein Wort verloren, auch von Dir nicht. Ich brauch Dir sicher auch nicht zu erklären, dass diese Totalabschreibung des wirren Nemis-Altsammelsuriums nichts anderes als einen fetten Abschieds-Arschtritt ins verlängerte Rückgrat des Chairman Emeritus bedeutet - mit freundlichen Grüssen vom amtierenden Management (inclusive dem neuen Kleinaktionärs-Liebling Wes Hanson, wohlgemerkt). Das stelle ich ganz sachlich fest, auch wenn ich mir das Gesicht von Mike32 beim Lesen der Abschreibungs-News lebhaft vorstellen kann
Will sagen, Du hast absolut recht, dass nicht nur Freewest, sondern auch Noront im Schatten der Ring Of Fire-Erfolge etliche Flops gelandet haben. Und Du hast recht mit dem Hinweis auf die auch bei NOT stark aufgeblähte Aktienstruktur. Der entscheidende Unterschied zwischen beiden Läden: erstens, Noront sehen den Tatsachen klar ins Auge, trennen sich ohne Rücksicht auf Verluste von als nebensächlich eingeordneten Properties, statt diese weiter durchzuschleppen, und setzen eine 100%-Priorität im Ring. Gefällt mir. Zweitens, NOT haben im Gegensatz zu Freewest etwas für ihre neu ausgegebenen Aktien bekommen. FWR dagegen haben m.W. in ihrer gesamten Firmengeschichte noch nie ein PP ausserhalb der Pennystock-Ebene geschafft. Kein Wunder, dass diese Bude finanziell schwach dasteht. Noront erlösten in den letzten zwei Jahren bis zu 4 CAD je neuer Aktie und sammelten viele Millionen ein. Die sind zum grossen Teil auch wieder ausgegeben worden, keine Frage. Aber sie haben NOT zur uneinholbaren Nummer 1 im ROF gemacht, ohne deren Funde bis heute am Markt kein Hahn nach Freewest und den anderen Mitbewerbern krähen würde - genau wie schon zu der Zeit, bevor NOT mit Eagle 1 das Heft in die Hand nahm.
Von der - von Dir im übrigen unwidersprochenen - Kernthese aus meinem neulichen Posting habe ich nichts zurückzunehmen:
"Zumal ja ganz eindeutig NOT am längeren Hebel sitzt. Noront, und nur Noront haben die dominante Landposition, die wichtigsten Funde, den einzigen, momentan am Markt zur Kenntnis genommenen Rohstoff (Nickel) und die mit Abstand stärkste Kriegskasse im ROF. Anders gesagt, NOT würden längerfristig auch ohne FWR eine Mine bauen. Umgekehrt wohl zumindest sehr fraglich."
Und deshalb bleibe ich zu 100% dabei, dass FWR-Aktionäre mit einem 1:4-Tausch sehr grosszügig bedient sind.
Dieses Posting: versenden | melden
Folgende Antwort bezieht sich auf Beitrag Nr.: 38.128.127 von Fantomas96 am 06.10.09 23:25:52
Hallo Fantomas,
keine Ahnung, seit wann Du Dich mit Freewest beschäftigst. Ich habe den Laden jedenfalls Jahre vor Eagle 1 und A-hyper- ... ääh Agoracom bereits auf dem Schirm gehabt und kann Dir ausdrücklich bestätigen, dass er in den nordamerikanischen Boards stets als das galt, was ich geschrieben hatte: als Loser-Explorer, der in all den Jahren nichts zustande brachte, was den Markt in Mark und Pfennig gerechnet nachweislich bewegt hätte. Die Ruinen von -zig irgendwann mal angefangenen und dann im Sand verlaufenen Explorationsvorhaben dieser Firma kann noch heute jeder, der es wissen will, in deren offiziellen Berichtswerken besichtigen. Dabei will ich im einzelnen auf das FWR-Portfolio gar nicht eingehen. Ihre Chrom-Bohrergebnisse sehen für Dich und mich als Laien gut aus. Die kalte Realität ist aber, dass Leute, die es besser als wir wissen, bisher unbeeindruckt sind. Oder warum stand Freewest 2004 bei $0.20, 2005 bei $0.20, 2006 bei $0.20, 2009 bei $0.20 ... und würde aller Wahrscheinlichkeit ohne das NOT-Übernahmeangebot auch morgen früh immer noch in genau derselben Region herumgekrebst sein.
Es bringt auch niemand weiter, wenn Du mich falsch zitierst. Von nicht "nennenswertem" Gegenwert hat niemand gesprochen. Ich sagte, dass FWRs gewaltige Aktienanzahl von 214 Millionen Stück nicht im Verhältnis zu dem steht, was diese Firma bisher geleistet hat, und ihre Cashposition längst nicht ausreicht für das, was in Zukunft allein auf ihren allerwichtigsten Liegenschaften noch zu bewältigen sein wird. Beides ist doch wohl Fakt. Jedenfalls kenne ich etliche Explorer, die weitaus bedeutendere Assets als Freewest besitzen, cashmässig viel besser gestellt sind und trotzdem nur einen Bruchteil von FWR's Aktienanzahl draussen haben.
Schön jedenfalls, dass wir uns nun letztendlich dann doch, wie ich Deinem Posting entnehme, in der Bewertung von Windfall Lake als millionenschwerem Geldgrab für Noront einig sind. Vor kaum ein paar Monaten hast Du meine entsprechenden Kommentare ja stets noch entschieden verneint. In den Sand gesetzt wurden hier übrigens wohl eher 20 Millionen CAD als die von Dir behaupteten 15. Wo wir schon bei Noront-Flops sind, lass uns eine kurze Gedenksekunde halten für das laut letztem NOT-Jahresbericht still und leise komplett auf Null abgeschriebene, fast gesamte Property-Portfolio von Noront ausserhalb des Ring Of Fire. Immerhin wurde darüber, soweit ich weiss, hier im Thread vor lauter Kursjubel noch nie ein Wort verloren, auch von Dir nicht. Ich brauch Dir sicher auch nicht zu erklären, dass diese Totalabschreibung des wirren Nemis-Altsammelsuriums nichts anderes als einen fetten Abschieds-Arschtritt ins verlängerte Rückgrat des Chairman Emeritus bedeutet - mit freundlichen Grüssen vom amtierenden Management (inclusive dem neuen Kleinaktionärs-Liebling Wes Hanson, wohlgemerkt). Das stelle ich ganz sachlich fest, auch wenn ich mir das Gesicht von Mike32 beim Lesen der Abschreibungs-News lebhaft vorstellen kann
Will sagen, Du hast absolut recht, dass nicht nur Freewest, sondern auch Noront im Schatten der Ring Of Fire-Erfolge etliche Flops gelandet haben. Und Du hast recht mit dem Hinweis auf die auch bei NOT stark aufgeblähte Aktienstruktur. Der entscheidende Unterschied zwischen beiden Läden: erstens, Noront sehen den Tatsachen klar ins Auge, trennen sich ohne Rücksicht auf Verluste von als nebensächlich eingeordneten Properties, statt diese weiter durchzuschleppen, und setzen eine 100%-Priorität im Ring. Gefällt mir. Zweitens, NOT haben im Gegensatz zu Freewest etwas für ihre neu ausgegebenen Aktien bekommen. FWR dagegen haben m.W. in ihrer gesamten Firmengeschichte noch nie ein PP ausserhalb der Pennystock-Ebene geschafft. Kein Wunder, dass diese Bude finanziell schwach dasteht. Noront erlösten in den letzten zwei Jahren bis zu 4 CAD je neuer Aktie und sammelten viele Millionen ein. Die sind zum grossen Teil auch wieder ausgegeben worden, keine Frage. Aber sie haben NOT zur uneinholbaren Nummer 1 im ROF gemacht, ohne deren Funde bis heute am Markt kein Hahn nach Freewest und den anderen Mitbewerbern krähen würde - genau wie schon zu der Zeit, bevor NOT mit Eagle 1 das Heft in die Hand nahm.
Von der - von Dir im übrigen unwidersprochenen - Kernthese aus meinem neulichen Posting habe ich nichts zurückzunehmen:
"Zumal ja ganz eindeutig NOT am längeren Hebel sitzt. Noront, und nur Noront haben die dominante Landposition, die wichtigsten Funde, den einzigen, momentan am Markt zur Kenntnis genommenen Rohstoff (Nickel) und die mit Abstand stärkste Kriegskasse im ROF. Anders gesagt, NOT würden längerfristig auch ohne FWR eine Mine bauen. Umgekehrt wohl zumindest sehr fraglich."
Und deshalb bleibe ich zu 100% dabei, dass FWR-Aktionäre mit einem 1:4-Tausch sehr grosszügig bedient sind.
Freewest Finds New Partner in Eagle Hill to Focus Its Exploration at the Windfall Gold Property in Quebec
* Press Release
* Source: Freewest Resources Canada Inc.
* On 4:27 pm EDT, Tuesday October 13, 2009
MONTREAL, QUEBEC--(Marketwire - Oct. 13, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR - News) announces that it had signed two agreements with Eagle Hill Resources Inc. (TSX VENTURE:EAG - News) and Murgor Resources Inc. (TSX VENTURE:MGR - News) whereby Freewest and Murgor will grant Eagle Hill the exclusive right to earn all of their interest in the Windfall Gold Property in north-western Quebec. The agreements are subject to regulatory approval. Murgor also signed a property management contract with Eagle Hill whereby Murgor will be conducting the exploration work financed by Eagle Hill.
Under the terms of the first agreement, Eagle Hill will be earning a 50% interest in 29 claims from Murgor (25%) and Freewest (25%) by paying $300,000 in cash and delivering 2.5 million common shares of Eagle Hill to Murgor and Freewest no later than October 31, 2009. Eagle Hill will also have to incur an aggregate of $4.0 million in exploration expenditures over the next three years. Murgor and Freewest retain a 2% Net Smelter Return royalty on the property which includes any ore extracted as a bulk sample. The remaining interest of 50% in the property is currently held by Noront Resources and is also under option by Eagle Hill.
Under the terms of the second agreement, Eagle Hill will be earning a 100% interest in 184 claims from Murgor (50%) and Freewest (50%) by paying $100,000 in cash and delivering 1,0 million common shares of Eagle Hill to Murgor and Freewest no later than October 31, 2009. Eagle Hill will also have to incur an aggregate of $1.5 million in exploration expenditures over the next three years. Murgor and Freewest retain a 2% NSR royalty on 105 claims of the property while retaining a first right of purchase on a 1% NSR royalty on the remaining claims.
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.
Contact:
Mackenzie I. Watson
Freewest Resources Canada Inc.
President and CEO
(514) 878-3551 or 1-888-878-3551
(514) 878-4427 (FAX)
info@freewest.com
www.freewest.com
Michael D'Amico
Bay Street Connect
Investor Relations
(647) 500-6023
Investor Relations
AGORACOM
FWR@Agoracom.com
http://agoracom.com/ir/freewest
14.10.2009 13:24
Noront Resources macht formelles Angebot für Freewest Resources
Toronto (ots/PRNewswire) - Noront Resources Ltd. ("Noront" oder das "Unternehmen") (TSX Venture: NOT)gab heute bekannt, dass es ein Angebot zur Übernahme durch Aktientausch (das "Übernahmeangebot") für Freewest Resources Canada Inc. ("Freewest", TSX-V:FWR) zum Erwerb aller ausgegebenen und im Umlauf befindlichen Stammaktien (die "Stammaktien") von Freewest eingeleitet hat (das "Angebot").
Wes Hanson, President und CEO von Noront: "Wir freuen uns sehr über die Unterstützung, die wir erfahren haben, seit wir unsere Absicht bekannt gegeben haben, ein Übernahmeangebot für Freewest zu machen." Und weiter: "Wir sind davon überzeugt, dass die Aktionäre von Freewest wie auch von Noront reale Vorteile aus dieser Transaktionen ziehen werden können."
Angebot spiegelt den Wert von Freewests Vermögenswerten wieder
- Die Gegenleistung in Form von Noront Stammaktien stellt einen Aufpreis in Höhe von 26 % bzw. 51 % auf Grundlage des Stammaktienkurses unmittelbar vor Bekanntgabe von Nortons Absicht zur Vornahme des Angebots (2. Oktober 2009) bzw. des volumengewichteten Durchschnittskurses am gleichen Tag auf Grundlage der letzten 30 Kalendertage dar.
- Ausgehend vom Schlusskurs der Noront Stammaktien am 9. Oktober 2009 stellt das Angebot einen Aufpreis in Höhe von 59 % bzw. 90 % auf den Stammaktienkurs unmittelbar vor Bekanntgabe von Nortons Absicht zur Vornahme des Angebots (2. Oktober 2009) bzw. des volumengewichteten Durchschnittskurses am gleichen Tag auf Grundlage der letzten 30 Kalendertage dar.
- Da es sich bei dem Angebot um eine Aktientauschtransaktion mit formaler Geldleistung handelt, werden die Freewest Aktionäre bei erfolgreichem Abschluss des Angebots durch ihr Eigentum an Noront Stammaktien auch weiterhin von den erheblichen Entwicklungen aufgrund des bestehenden Landbesitzes von Noront und Freewest im "Ring of Fire" profitieren und werden auch weiterhin an künftigen Wertsteigerungen im Zusammenhang mit Entwicklung und Betrieb der bestehenden Noront (einschliesslich der Eagle's Nest und Blackbird Vorkommen) und Freewest Portfolios teilhaben.
- Am 2. Oktober 2009, dem letzten Tag vor Bekanntgabe von Noronts Angebotsabsicht, betrug der Schlusskurs der Freewest Stammaktien 0,315 CAD.
Laut dem Angebot wird jeder Inhaber von Stammaktien ("Aktionär") 0.25 einer Noront Stammaktie und 0,0001 CAD in bar für jede nach dem Angebot angedienter Stammaktie erhalten.
Das Übernahmeangebot unterliegt den üblichen Bedingungen, z. B.: Mindestens 66 2/3 % der im Umlauf befindlichen Stammaktien (auf voll verwässerter Basis) werden dem Angebot angedient; Freewests Zahlungen für Kontrolländerungen in der Geschäftsführung betragen insgesamt nicht mehr als 1,5 Millionen CAD; Erhalt aller notwendigen behördlichen Genehmigungen, einschliesslich der durch die TSX Venture Exchange; Nichtvorhandensein wesentlich nachteiliger Veränderungen bei Freewest; Nichtvorhandensein bestimmter verbotener Aktivitäten aufseiten von Freewest (einschliesslich Aktienemissionen, Begebung von Anleihen, Übernahmen und Dispositionen) sowie keine unrichtigen Angaben oder Auslassungen in Freewests Veröffentlichungen. Noront beabsichtigt, alle notwendigen Schritte zum Erwerb aller Stammaktien zu ergreifen, die nach Ablauf des Angebots weiter im Umlauf sind.
Die Einzelheiten des Angebots sind in den Unterlagen des formellen Angebots zu Kauf und Übernahme (die "Angebotsunterlagen") enthalten, die heute bei den Wertpapieraufsichtsbehörden eingereicht und im Anschluss daran an die Aktionäre verschickt werden sollen. Das Angebt gilt bis 17:00 Uhr (Ortszeit Toronto) am 18. November 2009.
Noronts Finanzberater ist Rothschild, Rechtsberater ist Fraser Milner Casgrain LLP.
Anleger können eine kostenlose Kopie der heute durch Noront bei der kanadischen Wertpapieraufsicht eingereichten Angebotsunterlagen unter http://www.sedar.com erhalten. Sie können eine kostenlose Kopie dieser Unterlagen auch bei Noronts Auskunftsstelle, Laurel Hill Advisory Group unter +1-888-882-6742 beantragen, sobald dieser die Unterlagen zugegangen sind.
Diese Pressemitteilung stellt weder ein Angebot zum Kauf oder Verkauf noch eine Einholung eines Angebots zum Kauf oder Verkauf der Wertpapiere von Freewest dar. Ein solches Angebot kann nur nach Massgabe eines Angebots zum Kauf und des dazugehörigen, bei der kanadischen Wertpapieraufsicht eingereichten Verkaufsprospekts erfolgen.
Über Noront Resources:
Noront Resources konzentriert sich auf seine beachtlichen mehrfachen Funde von hochwertigem Nickel-Kupfer-Platinum-Palladium, Chrom und Vanadium im so genannten "Ring of Fire", einem Gebiet mit Multimetallen in den James Bay Lowlands von Ontario, Kanada.
Noront ist der grösste Grundeigentümer im Ring-of-Fire und umgrenzt und belegt seine Funde auch weiterhin mit NI 43-101 Technik- und Wirtschaftsberichten und einem aggressiven und gut finanzierten Bohrungsplan für den Rest des Jahres 2009 und 2010.
Alle massgeblichen Informationen über Noront finden Sie auf der Website des Unternehmens unter http://www.norontresources.com oder bei SEDAR unter http://www.sedar.com
Wesley (Wes) Hanson
President und Chief Executive Officer
Noront Resources macht formelles Angebot für Freewest Resources
Toronto (ots/PRNewswire) - Noront Resources Ltd. ("Noront" oder das "Unternehmen") (TSX Venture: NOT)gab heute bekannt, dass es ein Angebot zur Übernahme durch Aktientausch (das "Übernahmeangebot") für Freewest Resources Canada Inc. ("Freewest", TSX-V:FWR) zum Erwerb aller ausgegebenen und im Umlauf befindlichen Stammaktien (die "Stammaktien") von Freewest eingeleitet hat (das "Angebot").
Wes Hanson, President und CEO von Noront: "Wir freuen uns sehr über die Unterstützung, die wir erfahren haben, seit wir unsere Absicht bekannt gegeben haben, ein Übernahmeangebot für Freewest zu machen." Und weiter: "Wir sind davon überzeugt, dass die Aktionäre von Freewest wie auch von Noront reale Vorteile aus dieser Transaktionen ziehen werden können."
Angebot spiegelt den Wert von Freewests Vermögenswerten wieder
- Die Gegenleistung in Form von Noront Stammaktien stellt einen Aufpreis in Höhe von 26 % bzw. 51 % auf Grundlage des Stammaktienkurses unmittelbar vor Bekanntgabe von Nortons Absicht zur Vornahme des Angebots (2. Oktober 2009) bzw. des volumengewichteten Durchschnittskurses am gleichen Tag auf Grundlage der letzten 30 Kalendertage dar.
- Ausgehend vom Schlusskurs der Noront Stammaktien am 9. Oktober 2009 stellt das Angebot einen Aufpreis in Höhe von 59 % bzw. 90 % auf den Stammaktienkurs unmittelbar vor Bekanntgabe von Nortons Absicht zur Vornahme des Angebots (2. Oktober 2009) bzw. des volumengewichteten Durchschnittskurses am gleichen Tag auf Grundlage der letzten 30 Kalendertage dar.
- Da es sich bei dem Angebot um eine Aktientauschtransaktion mit formaler Geldleistung handelt, werden die Freewest Aktionäre bei erfolgreichem Abschluss des Angebots durch ihr Eigentum an Noront Stammaktien auch weiterhin von den erheblichen Entwicklungen aufgrund des bestehenden Landbesitzes von Noront und Freewest im "Ring of Fire" profitieren und werden auch weiterhin an künftigen Wertsteigerungen im Zusammenhang mit Entwicklung und Betrieb der bestehenden Noront (einschliesslich der Eagle's Nest und Blackbird Vorkommen) und Freewest Portfolios teilhaben.
- Am 2. Oktober 2009, dem letzten Tag vor Bekanntgabe von Noronts Angebotsabsicht, betrug der Schlusskurs der Freewest Stammaktien 0,315 CAD.
Laut dem Angebot wird jeder Inhaber von Stammaktien ("Aktionär") 0.25 einer Noront Stammaktie und 0,0001 CAD in bar für jede nach dem Angebot angedienter Stammaktie erhalten.
Das Übernahmeangebot unterliegt den üblichen Bedingungen, z. B.: Mindestens 66 2/3 % der im Umlauf befindlichen Stammaktien (auf voll verwässerter Basis) werden dem Angebot angedient; Freewests Zahlungen für Kontrolländerungen in der Geschäftsführung betragen insgesamt nicht mehr als 1,5 Millionen CAD; Erhalt aller notwendigen behördlichen Genehmigungen, einschliesslich der durch die TSX Venture Exchange; Nichtvorhandensein wesentlich nachteiliger Veränderungen bei Freewest; Nichtvorhandensein bestimmter verbotener Aktivitäten aufseiten von Freewest (einschliesslich Aktienemissionen, Begebung von Anleihen, Übernahmen und Dispositionen) sowie keine unrichtigen Angaben oder Auslassungen in Freewests Veröffentlichungen. Noront beabsichtigt, alle notwendigen Schritte zum Erwerb aller Stammaktien zu ergreifen, die nach Ablauf des Angebots weiter im Umlauf sind.
Die Einzelheiten des Angebots sind in den Unterlagen des formellen Angebots zu Kauf und Übernahme (die "Angebotsunterlagen") enthalten, die heute bei den Wertpapieraufsichtsbehörden eingereicht und im Anschluss daran an die Aktionäre verschickt werden sollen. Das Angebt gilt bis 17:00 Uhr (Ortszeit Toronto) am 18. November 2009.
Noronts Finanzberater ist Rothschild, Rechtsberater ist Fraser Milner Casgrain LLP.
Anleger können eine kostenlose Kopie der heute durch Noront bei der kanadischen Wertpapieraufsicht eingereichten Angebotsunterlagen unter http://www.sedar.com erhalten. Sie können eine kostenlose Kopie dieser Unterlagen auch bei Noronts Auskunftsstelle, Laurel Hill Advisory Group unter +1-888-882-6742 beantragen, sobald dieser die Unterlagen zugegangen sind.
Diese Pressemitteilung stellt weder ein Angebot zum Kauf oder Verkauf noch eine Einholung eines Angebots zum Kauf oder Verkauf der Wertpapiere von Freewest dar. Ein solches Angebot kann nur nach Massgabe eines Angebots zum Kauf und des dazugehörigen, bei der kanadischen Wertpapieraufsicht eingereichten Verkaufsprospekts erfolgen.
Über Noront Resources:
Noront Resources konzentriert sich auf seine beachtlichen mehrfachen Funde von hochwertigem Nickel-Kupfer-Platinum-Palladium, Chrom und Vanadium im so genannten "Ring of Fire", einem Gebiet mit Multimetallen in den James Bay Lowlands von Ontario, Kanada.
Noront ist der grösste Grundeigentümer im Ring-of-Fire und umgrenzt und belegt seine Funde auch weiterhin mit NI 43-101 Technik- und Wirtschaftsberichten und einem aggressiven und gut finanzierten Bohrungsplan für den Rest des Jahres 2009 und 2010.
Alle massgeblichen Informationen über Noront finden Sie auf der Website des Unternehmens unter http://www.norontresources.com oder bei SEDAR unter http://www.sedar.com
Wesley (Wes) Hanson
President und Chief Executive Officer
Trading Spotlight
...und es wird weiter ´eingesammelt´........
Time Ex Price Change Volume Buyer Seller Markers
11:38:53 V 0.50 +0.03 14,000 1 Anonymous 11 MacQuarie K
11:38:52 V 0.50 +0.03 20,000 99 Jitney 11 MacQuarie K
11:37:01 V 0.50 +0.03 12,000 1 Anonymous 7 TD Sec K
11:37:01 V 0.50 +0.03 20,000 1 Anonymous 85 Scotia K
11:37:01 V 0.50 +0.03 5,000 1 Anonymous 7 TD Sec K
11:37:01 V 0.50 +0.03 32,000 1 Anonymous 85 Scotia K
11:37:01 V 0.50 +0.03 90,000 1 Anonymous 7 TD Sec K
11:37:01 V 0.50 +0.03 5,000 1 Anonymous 2 RBC K
11:37:01 V 0.50 +0.03 2,000 1 Anonymous 7 TD Sec K
11:37:01 V 0.50 +0.03 10,000 1 Anonymous 7 TD Sec K
Time Ex Price Change Volume Buyer Seller Markers
11:38:53 V 0.50 +0.03 14,000 1 Anonymous 11 MacQuarie K
11:38:52 V 0.50 +0.03 20,000 99 Jitney 11 MacQuarie K
11:37:01 V 0.50 +0.03 12,000 1 Anonymous 7 TD Sec K
11:37:01 V 0.50 +0.03 20,000 1 Anonymous 85 Scotia K
11:37:01 V 0.50 +0.03 5,000 1 Anonymous 7 TD Sec K
11:37:01 V 0.50 +0.03 32,000 1 Anonymous 85 Scotia K
11:37:01 V 0.50 +0.03 90,000 1 Anonymous 7 TD Sec K
11:37:01 V 0.50 +0.03 5,000 1 Anonymous 2 RBC K
11:37:01 V 0.50 +0.03 2,000 1 Anonymous 7 TD Sec K
11:37:01 V 0.50 +0.03 10,000 1 Anonymous 7 TD Sec K
RT jetzt schon.....cad 0,54
Antwort auf Beitrag Nr.: 38.177.850 von hbg55 am 14.10.09 18:23:57Gute Nachrichten: SPQ/KWG/FWR mit guten Drillergebnissen von Big Daddy Chromite
Anteile laut johndefur (agoracom) 25%/25%/50%
SPIDER RESOURCES INC., KWG RESOURCES INC. AND FREEWEST RESOURCES CANADA INC., PROVIDE EXPLORATION UPDATE ON THE BIG DADDY CHROMITE PROSPECT
TORONTO, ONTARIO - October 14, 2009 - Spider Resources Inc. (SPQ:TSX-V) ("Spider"), KWG Resources Inc. (KWG:TSX-V) ("KWG") and Freewest Resources Canada Inc. (FWR:TSX-V) ("Freewest") are pleased to provide an exploration update on the Big Daddy Chromite property. Eight drill holes, 2,073 metres, have been completed, and have tested the Big Daddy Chromite prospect (a magmatic chromium deposit type) along its geophysically inferred strike length to Line 20 East, and to a vertical depth of approximately 180 metres. The total amount of drilling in this campaign is estimated to be 11,000 metres in 28 drill holes. The drill program is deigned to test the entire geophysically inferred strike length on the property to a depth of +/- 250 metres.
Drill Program
Drilling has progressed significantly since the last report of October 1, 2009, where holes FW-09-24 and 25 were reported on section 1400 metres East. Drill spacing for this first pass of drilling was established at 200 metres, testing the entire geophysically inferred strike length to section 2000 metres East. Drilling has successfully encountered chromite mineralization in each section. Since the start of the project in 2006 chromite mineralization has been established from Line 900 metres East to and including Line 2000 metres East, for a strike length of 1100 metres thus far. Additional drilling is underway to the Northeast in an area where the geophysical expression of the chromite mineralization appears to be disrupted by faulting.
Summary of Drill results
Abbreviations: Cr (chromite), py (pyrite), cpy (chalcopyrite), po (pyrrhotite), diss (disseminated), Per (peridotite), Pyx (pyroxenite).
Hole FW-09-26 entered a fault zone in pyroxenite between 9 and 45 metres depth and then continued in an altered pyroxenite to the end of the hole at 207 metres. No significant chromite mineralization was encountered.
Hole FW-09-27 was designed to step back and undercut Hole FW-09-26. This hole encountered massive chromite between 173.3 and 186.8 metres (13.5 metres massive chromite), followed by a second zone of massive chromite mineralization between 208 and 247 metres (39 metres of massive chromite).
Hole FW-09-28 was designed as a 200 metre northeasterly step out from holes FW-09-26 and 27. The hole encountered massive chromite between 39 and 60.5 metres (21.5 metres massive chromite).
Hole FW-09-29 was designed to undercut Hole FW-09-28. Chromite mineralization was encountered between 117.4 and 136 metres (18.6 metres of massive chromite), followed by another zone of massive chromite with narrow beds of semi-massive chromite that was encountered between 234.8 and 244.3 metres (massive chromite over 9.5 metres), followed by a very thick bed of massive chromite between 248.6 and 323.5 meters (74.9 metres of massive chromite).
Hole FW-09-30 was designed to test a 200 metre northeasterly step out from Holes FW-09-28 and 29. At the bedrock - overburden interface of 23.7 metres, the hole immediately entered massive chromite and stayed in this until 33.8 metres (10.1 metres of massive chromite subcropping).
Hole FW-09-31 was designed to be a 200 metre step out from Holes FW-09-28 and 29 and to undercut Hole FW-09-30. Between 235.9 and 264.5 metres, massive chromite was encountered (28.6 metres of massive chromite).
True widths of the chromite mineralization have yet to be determined, as this is typically done once the geometry (attitude, dip, strike) of the mineralized body is determined. The systematic drill pattern as planned is designed to better understand the Big Daddy Chromite Prospect along its entire strike length at regular intervals, the chromite mineralized intersections are quite variable due to the geological nature of the intrusion. Once the current program is completed, an estimate of true width will be provided. At current rate of drilling, it is anticipated that the field portion of the program will be completed by early December.
Metallurgical Update
The companies are pleased to report that it has received the results of scoping level mineral beneficiation test work conducted by SGS Lakefield Research Limited and a geometallugical study conducted by Cliffs Natural Resources on the Big Daddy Chromite Prospect. These early stage studies will guide both ongoing sampling requirements during drilling and subsequent resource modelling and beneficiaton studies.
The result of conducting gravity separation test on eight samples covering the range from low grade to high grade led to the following conclusions;
A sulphide flotation test of the chromitite produced a concentrate containing 14 g/t palladium, 3 g/t platinum, and 1 g/t gold. An evaluation of the distribution of all 6 PGE's is underway. The minerals sperrylite (PtAs2) and stibiopalladinite (Pd3Sb) and an unkown compound of Os-Ru-As-S were identified by Cliffs in a hanging wall pyroxenite sample containing 2.24 g/t palladium and 2.36 g/t platinum over 0.5 metres.
Technical Advisory Committee
Spider's VP Exploration Jim Burns P.Eng., along with KWG's VP Exploration Moe Lavigne M.Sc., P.Geo. are Qualified Person's responsible for their respective company's disclosure and have read and approve of this press release, along with Don Hoy M.Sc., P.Geo. representing Freewest. These three individuals are members of the Technical Committee for the project, along with Neil Novak P.Geo., President of Spider, Mac Watson P.Eng., President of Freewest and Richard Fink, Director of KWG.
About Spider Resources Inc. ...
Anteile laut johndefur (agoracom) 25%/25%/50%
SPIDER RESOURCES INC., KWG RESOURCES INC. AND FREEWEST RESOURCES CANADA INC., PROVIDE EXPLORATION UPDATE ON THE BIG DADDY CHROMITE PROSPECT
TORONTO, ONTARIO - October 14, 2009 - Spider Resources Inc. (SPQ:TSX-V) ("Spider"), KWG Resources Inc. (KWG:TSX-V) ("KWG") and Freewest Resources Canada Inc. (FWR:TSX-V) ("Freewest") are pleased to provide an exploration update on the Big Daddy Chromite property. Eight drill holes, 2,073 metres, have been completed, and have tested the Big Daddy Chromite prospect (a magmatic chromium deposit type) along its geophysically inferred strike length to Line 20 East, and to a vertical depth of approximately 180 metres. The total amount of drilling in this campaign is estimated to be 11,000 metres in 28 drill holes. The drill program is deigned to test the entire geophysically inferred strike length on the property to a depth of +/- 250 metres.
Drill Program
Drilling has progressed significantly since the last report of October 1, 2009, where holes FW-09-24 and 25 were reported on section 1400 metres East. Drill spacing for this first pass of drilling was established at 200 metres, testing the entire geophysically inferred strike length to section 2000 metres East. Drilling has successfully encountered chromite mineralization in each section. Since the start of the project in 2006 chromite mineralization has been established from Line 900 metres East to and including Line 2000 metres East, for a strike length of 1100 metres thus far. Additional drilling is underway to the Northeast in an area where the geophysical expression of the chromite mineralization appears to be disrupted by faulting.
Summary of Drill results
Abbreviations: Cr (chromite), py (pyrite), cpy (chalcopyrite), po (pyrrhotite), diss (disseminated), Per (peridotite), Pyx (pyroxenite).
Hole FW-09-26 entered a fault zone in pyroxenite between 9 and 45 metres depth and then continued in an altered pyroxenite to the end of the hole at 207 metres. No significant chromite mineralization was encountered.
Hole FW-09-27 was designed to step back and undercut Hole FW-09-26. This hole encountered massive chromite between 173.3 and 186.8 metres (13.5 metres massive chromite), followed by a second zone of massive chromite mineralization between 208 and 247 metres (39 metres of massive chromite).
Hole FW-09-28 was designed as a 200 metre northeasterly step out from holes FW-09-26 and 27. The hole encountered massive chromite between 39 and 60.5 metres (21.5 metres massive chromite).
Hole FW-09-29 was designed to undercut Hole FW-09-28. Chromite mineralization was encountered between 117.4 and 136 metres (18.6 metres of massive chromite), followed by another zone of massive chromite with narrow beds of semi-massive chromite that was encountered between 234.8 and 244.3 metres (massive chromite over 9.5 metres), followed by a very thick bed of massive chromite between 248.6 and 323.5 meters (74.9 metres of massive chromite).
Hole FW-09-30 was designed to test a 200 metre northeasterly step out from Holes FW-09-28 and 29. At the bedrock - overburden interface of 23.7 metres, the hole immediately entered massive chromite and stayed in this until 33.8 metres (10.1 metres of massive chromite subcropping).
Hole FW-09-31 was designed to be a 200 metre step out from Holes FW-09-28 and 29 and to undercut Hole FW-09-30. Between 235.9 and 264.5 metres, massive chromite was encountered (28.6 metres of massive chromite).
True widths of the chromite mineralization have yet to be determined, as this is typically done once the geometry (attitude, dip, strike) of the mineralized body is determined. The systematic drill pattern as planned is designed to better understand the Big Daddy Chromite Prospect along its entire strike length at regular intervals, the chromite mineralized intersections are quite variable due to the geological nature of the intrusion. Once the current program is completed, an estimate of true width will be provided. At current rate of drilling, it is anticipated that the field portion of the program will be completed by early December.
Metallurgical Update
The companies are pleased to report that it has received the results of scoping level mineral beneficiation test work conducted by SGS Lakefield Research Limited and a geometallugical study conducted by Cliffs Natural Resources on the Big Daddy Chromite Prospect. These early stage studies will guide both ongoing sampling requirements during drilling and subsequent resource modelling and beneficiaton studies.
The result of conducting gravity separation test on eight samples covering the range from low grade to high grade led to the following conclusions;
A sulphide flotation test of the chromitite produced a concentrate containing 14 g/t palladium, 3 g/t platinum, and 1 g/t gold. An evaluation of the distribution of all 6 PGE's is underway. The minerals sperrylite (PtAs2) and stibiopalladinite (Pd3Sb) and an unkown compound of Os-Ru-As-S were identified by Cliffs in a hanging wall pyroxenite sample containing 2.24 g/t palladium and 2.36 g/t platinum over 0.5 metres.
Technical Advisory Committee
Spider's VP Exploration Jim Burns P.Eng., along with KWG's VP Exploration Moe Lavigne M.Sc., P.Geo. are Qualified Person's responsible for their respective company's disclosure and have read and approve of this press release, along with Don Hoy M.Sc., P.Geo. representing Freewest. These three individuals are members of the Technical Committee for the project, along with Neil Novak P.Geo., President of Spider, Mac Watson P.Eng., President of Freewest and Richard Fink, Director of KWG.
About Spider Resources Inc. ...
Nachtrag von http://thenewswire.ca/archives?tnwarchive2=release_id%3D490
. Some of the massive chromite has a grade >40% Cr2O3 which can be considered direct shipping ore with 1.9 Cr:Fe ratio
. medium grade ore, 20-40% Cr2O3, can be upgraded to saleable material
. The average of 110 SEM-EDS analyses of chromite grains by Cliffs are; 7.4% MgO, 12.64% Al2O3, 0.54% TiO2, 51.29% Cr2O3, and 27.46% FeO.
. Some of the massive chromite has a grade >40% Cr2O3 which can be considered direct shipping ore with 1.9 Cr:Fe ratio
. medium grade ore, 20-40% Cr2O3, can be upgraded to saleable material
. The average of 110 SEM-EDS analyses of chromite grains by Cliffs are; 7.4% MgO, 12.64% Al2O3, 0.54% TiO2, 51.29% Cr2O3, and 27.46% FeO.
in response to Here is SPQ/KWG/FWR/Cliffs News from BIG DADDY...Amazing Result!!! by johndefur
posted on Oct 14, 09 03:03PM
great News for all 3....just the way the NR was structured tells me quite a bit...That they all are stuck together with Cliffs..very little doubt now , in my view,that CLIFFs will make that counter offer IMCO...
The highlights of the drilling...This is a short summary, I'll probably have more to say when I go thru it with a fine tooth comb...
Most of the drilling encountered massive Chromite, some in LARGE sections indeed, one hole was about 300Ft massive Chromite...on average they were 100Ft, and as I say most drilling "HIT"...and just begun the've just begun....
Another very important point was the discovery of PGES, some sulfides were loaded with PGEs, but more importantly PGEs sulfides like Sperrylite and others , are exclusive for PGEs, occurring only in the richest PGEs mines in the world...Pls. note that CLIFFS is the one doing the analysis on these samples, that should speak volumes....A sulfide floatation yielded 14GT PD, 3Gt PT, and 1GT Gold...they also found a hanging wall containing 5+ Gt of PGEs...now that's very economical just on the PGEs...
This is GREAT NEWS for SPQ,KWG.Especially FWR, since BIG DADDY runs down or is an extension of Black Thor/Label...
Hang on to your shares, don't let anyone steal them from you...
IMCO
JD*
posted on Oct 14, 09 03:03PM
great News for all 3....just the way the NR was structured tells me quite a bit...That they all are stuck together with Cliffs..very little doubt now , in my view,that CLIFFs will make that counter offer IMCO...
The highlights of the drilling...This is a short summary, I'll probably have more to say when I go thru it with a fine tooth comb...
Most of the drilling encountered massive Chromite, some in LARGE sections indeed, one hole was about 300Ft massive Chromite...on average they were 100Ft, and as I say most drilling "HIT"...and just begun the've just begun....
Another very important point was the discovery of PGES, some sulfides were loaded with PGEs, but more importantly PGEs sulfides like Sperrylite and others , are exclusive for PGEs, occurring only in the richest PGEs mines in the world...Pls. note that CLIFFS is the one doing the analysis on these samples, that should speak volumes....A sulfide floatation yielded 14GT PD, 3Gt PT, and 1GT Gold...they also found a hanging wall containing 5+ Gt of PGEs...now that's very economical just on the PGEs...
This is GREAT NEWS for SPQ,KWG.Especially FWR, since BIG DADDY runs down or is an extension of Black Thor/Label...
Hang on to your shares, don't let anyone steal them from you...
IMCO
JD*
Antwort auf Beitrag Nr.: 38.180.696 von Radikalinsky am 15.10.09 00:41:30
great News for all 3....just the way the NR was structured tells me quite a bit...That they all are stuck together with Cliffs..very little doubt now , in my view,that CLIFFs will make that counter offer IMCO...
...diese these scheint MIR auch wahrscheinlicher - dagegen dürfte
NOT mit seiner ´bisherigen´ offerte wenig ausrichten können...IMO
great News for all 3....just the way the NR was structured tells me quite a bit...That they all are stuck together with Cliffs..very little doubt now , in my view,that CLIFFs will make that counter offer IMCO...
...diese these scheint MIR auch wahrscheinlicher - dagegen dürfte
NOT mit seiner ´bisherigen´ offerte wenig ausrichten können...IMO
Da ist der Übernahmekampf wirklich in vollem Gange, Noront und Freewest schießen ja täglich neue Press Releases raus.
Nach den Freewest JV Ergebnissen bei Big Daddy gestern, dann Noronts First Nation Release gestern.
Heute dann Noront zuerst mit excellenten Ergebnissen bei Eagle 1 und nun legt Freewest mit top Chrom Ergebnissen bei Black Thor nach:
http://finance.yahoo.com/news/Freewest-Continues-to-ccn-1143…
Freewest Continues to Generate Excellent Drill Results at Black Thor on its 100%-Owned McFaulds Property, Northern Ontario
HIGHLIGHTS:
- Additional assays received from phase 2 drilling of the Black Thor chromite occurrence include 43.7% Cr2O3 over 48.0 metres, 40.0% Cr2O3 over 38.0 metres, 42.3% Cr2O3 across 35.0 metres and 40.5% Cr2O3 over 23.0 metres
- Phase 3 drilling of the Black Thor chromite occurrence as well as the AT12 Extension nickel-copper-platinum group element zone is currently underway
Press Release
Source: Freewest Resources Canada Inc.
On 1:41 pm EDT, Thursday October 15, 2009
MONTREAL, QUEBEC--(Marketwire - Oct. 15, 2009) - Mackenzie I. Watson, President and CEO of Freewest Resources Canada Inc. (TSX VENTURE:FWR - News; the "Company") is pleased to report the remaining assay results obtained from the second phase (phase 2) of diamond drilling completed on the Company's wholly-owned McFaulds property (the "Property"). The Property, consisting of 1,036 hectares, comprises one of three properties in which the Company is exploring on its own and in joint-venture agreements in the "Ring of Fire" metals district.
The phase 2 drilling program consisted of 10,663 metres comprising 29 drill holes. Among them, 23 of them were completed on the Black Thor chromite zone. The Company released the assay results for six of the 23 drill holes in a news release dated September 16, 2009 (drill holes BT-0-52, 53, 54, 55, 59 and 60). Specifically, this news release documents the results of the remaining 17 drill holes (except drill hole BT-09-78 that has assays pending) completed on the Black Thor occurrence from the second phase of diamond drilling.
BLACK THOR DIAMOND DRILLING RESULTS:
Currently, the Black Thor chromite occurrence has been largely drilled at 100-metre centres over a 2600-metre strike length and to a maximum vertical depth of about 400 metres. It currently remains open-ended along strike and to depth (See Figure 1).
Figure 1 comprises part of this news release and is posted on the Freewest website at www.freewest.com.
Highlighting the new results are drill intercepts of 43.7% Cr2O3 over a core length of 48.0 metres (BT-09-74), 40.0% Cr2O3 over 38.0 metres (BT-09-69), 42.3% Cr2O3 over 35.0 metres (BT-09-73) and 40.5% Cr2O3 across 23.0 metres (BT-09-58). The details of the drilling results for the subject 16 drill holes at Black Thor are summarized in Table 1.
Twenty three (23) of the 23 drill holes completed during the phase 2 drilling program intersected economically significant chromite mineralization (100% hit-rate), attesting to the consistency and continuity of the Black Thor chromite occurrence. The drilling has also identified three separate domains along the 2600-metre strike length at Black Thor; such domains are likely separated by younger cross-faults and are known as the southwest, central and northeast domains. The southwest and northeast domains are characterized by the presence of 2 chromite horizons while the central domain consists of multiple chromite horizons.
Collectively, the primary goal of the phase 1 and 2 drilling program completed at Black Thor is to define a National Instrument 43-101 compliant mineral resource as soon as practically possible. Such a resource estimate is currently underway with Company management being confident of a delivery of same, prior to year-end 2009.
METALLURICAL WORK ON BLACK THOR:
Scoping-level metallurgical work is currently being completed by SGS Lakefield Research Limited on Black Thor drill core in efforts to determine the beneficiation and metal recovery characteristics of the chromite ore. The preliminary results from this work should be forthcoming shortly. Results will be released as they become available.
In parallel, Cliffs Natural Resources is currently completing scoping geometallurgical studies on Black Thor and Black Label drill core. The purpose of this work is to determine the chemical and physical characteristics of the ore or, ore quality. Ore quality ultimately impacts on optimizing mine planning, plant performance as well as the final product quality. Although final results are pending, preliminary work suggests that both Black Thor and Black Label have desirable and marketable compositions having potentially deleterious elements TiO2, MgO and Al2O3 contents at lower levels than most chromite deposits (where published).
CURRENT DRILLING PROGRAM:
Currently, there are 2 drills operating on the Company's wholly-owned property. Both are completing shallow drilling (less than 100 vertical metres) on all 3 of the domains of the Black Thor chromite occurrence to help determine the location of a potential starter pit for eventual production.
A third drill will be added shortly, to continue testing the basal contact of the Ring of Fire ultramafic intrusion with underlying granodiorite, situated stratigraphically below the chromite zones. One of the target areas warranting further drilling is the AT12 Extension, where earlier drilling by the Company returned an intersection yielding 1.62% nickel, 1.24% copper and 5.22 grams/tonne total precious metals over 1.77 metres (platinum+palladium+ gold) at shallow depth. In addition to the AT12 Extension, the Company will target a number of conductors recently defined by an airborne ZTEM survey completed by Geotech Limited. Such targets are interpreted to occur proximal to the favourable contact between the ultramafic intrusion and underlying granodiorite at the base of the Ring of Fire intrusion. Results will be released as they become available.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL:
A thorough quality control program has been implemented for the McFaulds project including grouping samples into batches of 35 into which are added 2 certified reference material standards, 2 field blanks composed of barren drill core and a field duplicate. Coarse reject and pulp duplicates also from part of the Quality Control program. The Company is confident that all assays reported in this news release have passed rigorous control guidelines as set out by Freewest's independent Quality Assurance/Quality Control person.
All samples were submitted to Activation Labs (Actlabs) of Ancaster, Ontario for analyses. The samples were analyzed for multi-elements using a 4-acid digestion followed by ICP analyses. Gold, platinum and palladium were assayed by the Fire Assay method on 30 grams of prepared sample. All chromite-bearing samples are analyzed by fusion x-ray fluorescence (XRF). The X-ray emissions allow the composition of the sample to be determined by a high degree of accuracy. Additional information on the analytical techniques employed can be accessed on the Actlabs website at www.actlabsint.com.
Additional quality control measures have also been recently adopted for Cr and Fe including the insertion of a certified reference material SARM 8, purchased from Mintek in South Africa. This quality control method provides a check for high-grade chrome samples yielded by INAA analyses provided by Actlabs.
Donald Hoy, P. Geo. (Ontario), Vice President of Exploration and a Director of Freewest Resources Canada Inc. is the Qualified Person (under National Instrument 43-101) on the McFaulds project and is responsible for the preparation of this news release.
Freewest is a well-financed mineral exploration company with more than C$4.5 million in working capital as well as a C$10.8 million investment in Quest Uranium Corp. at current prices and no debt. 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. For further information please contact:
TABLE 1 - BLACK THOR ASSAY TABLE (PHASE 2 DRILLING)
----------------------------------------------------------------------------
GRID
COORDIN- FROM TO INTERVAL
HOLE NO. NATES DIP (METRES) (METRES) (METRES) %CR2O3 CR:FE Domain
----------------------------------------------------------------------------
BT-09-57A L2300N, -50 82.5 90.0 7.5 34.1 1.48 Central
200W deg- 111.0 118.5 7.5 31.1 1.36
rees 149.0 154.0 5.0 30.1 1.48
194.0 205.0 11.0 30.8 1.51
241.0 252.0 11.0 40.7 1.77
270.0 281.0 11.0 32.6 1.54
----------------------------------------------------------------------------
BT-09-58 L2300N, -65 96.0 102.0 6.0 47.2 1.88 Central
200W deg- 120.0 144.0 24.0 32.2 1.44
rees that
includes
131.0 144.0 13.0 40.1 1.70
301.0 305.0 4.0 34.8 1.58
330.0 334.0 4.0 33.1 1.43
359.0 365.0 6.0 31.7 1.82
390.0 397.0 7.0 32.8 1.57
401.0 436.0 35.0 37.5 1.73
that
includes
409.0 432.0 23.0 40.5 1.82
----------------------------------------------------------------------------
BT-09-63 L1700N, -45 96.0 104.0 8.0 37.2 1.81 Central
175W deg- 152.0 160.0 8.0 38.2 1.99
rees
----------------------------------------------------------------------------
BT-09-64 L1700N, -60 118.0 143.0 25.0 33.6 1.65 Central
175W deg- that
rees includes
120.0 137.0 17.0 37.7 1.82
147.0 155.0 8.0 30.7 1.51
----------------------------------------------------------------------------
BT-09-65 L1500N, -45 95.0 109.0 14.0 34.2 1.81 Central
150W deg- 147.0 175.0 28.0 37.0 1.60
rees that
includes
158.0 171.0 13.0 40.4 1.62
----------------------------------------------------------------------------
BT-09-66 L1500N, -60 120.0 151.0 31.0 30.4 1.45 Central
150W deg- that
rees includes
128.0 146.0 18.0 35.8 1.59
155.0 161.0 6.0 30.6 1.44
196.0 205.0 9.0 31.8 1.47
that
includes
200.0 205.0 5.0 42.1 1.74
212.0 221.0 9.0 37.0 1.51
----------------------------------------------------------------------------
North-
BT-09-69 L2900N, -45 65.0 86.0 21.0 38.3 1.56 east
145W deg- that
rees includes
65.0 75.0 10.0 42.4 1.63
and also
includes
79.0 86.0 7.0 42.4 1.68
101.0 116.0 15.0 40.7 1.55
276.0 314.0 38.0 40.0 1.84
----------------------------------------------------------------------------
BT-09-70 L1900N, -45 137.0 140.0 3.0 39.8 1.93 Central
175W deg- 153.0 158.0 5.0 30.4 1.54
rees 176.0 180.0 4.0 30.8 1.56
199.0 212.0 13.0 40.3 1.87
220.0 231.0 11.0 36.8 1.70
----------------------------------------------------------------------------
BT-09-71 L1900N, -60 168.0 171.0 3.0 34.4 1.66 Central
175W deg- 222.0 227.0 5.0 26.8 1.47
rees 279.0 290.0 11.0 41.0 1.93
----------------------------------------------------------------------------
North-
BT-09-73 L2950N, -45 136.0 186.0 50.0 35.7 1.52 east
200W deg- that
rees includes
151.0 186.0 35.0 42.3 1.72
381.0 395.0 14.0 40.0 1.63
----------------------------------------------------------------------------
North-
BT-09-74 L2950N, -60 194.0 242.0 48.0 43.7 1.74 east
200W deg- 265.0 282.0 17.0 33.6 1.39
rees 311.0 326.0 15.0 40.5 1.56
----------------------------------------------------------------------------
South-
BT-09-75 L900N, -45 77.0 86.0 9.0 30.5 1.50 west
050W deg- 110.0 141.0 31.0 32.9 1.63
rees that
includes
120.0 141.0 21.0 37.0 1.84
----------------------------------------------------------------------------
South-
BT-09-76A L900N, -60 133.0 143.0 10.0 33.3 1.44 west
050W deg- 157.0 169.0 12.0 31.5 1.37
rees 180.0 207.0 27.0 33.4 1.54
that
includes
196.0 206.0 10.0 40.1 1.77
----------------------------------------------------------------------------
South-
BT-09-77 L1300N, -51 163.0 169.0 6.0 31.3 1.44 west
150W deg- 176.0 190.0 14.0 33.9 1.53
rees
----------------------------------------------------------------------------
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contact:
Mackenzie I. WatsonFreewest Resources Canada Inc.President and CEO(514) 878-3551 or 1-888-878-3551(514) 878-4427 (FAX)info@freewest.comwww.freewest.comMichael D'AmicoBay Street ConnectInvestor Relations(647) 500-6023
FANTOMAS
Nach den Freewest JV Ergebnissen bei Big Daddy gestern, dann Noronts First Nation Release gestern.
Heute dann Noront zuerst mit excellenten Ergebnissen bei Eagle 1 und nun legt Freewest mit top Chrom Ergebnissen bei Black Thor nach:
http://finance.yahoo.com/news/Freewest-Continues-to-ccn-1143…
Freewest Continues to Generate Excellent Drill Results at Black Thor on its 100%-Owned McFaulds Property, Northern Ontario
HIGHLIGHTS:
- Additional assays received from phase 2 drilling of the Black Thor chromite occurrence include 43.7% Cr2O3 over 48.0 metres, 40.0% Cr2O3 over 38.0 metres, 42.3% Cr2O3 across 35.0 metres and 40.5% Cr2O3 over 23.0 metres
- Phase 3 drilling of the Black Thor chromite occurrence as well as the AT12 Extension nickel-copper-platinum group element zone is currently underway
Press Release
Source: Freewest Resources Canada Inc.
On 1:41 pm EDT, Thursday October 15, 2009
MONTREAL, QUEBEC--(Marketwire - Oct. 15, 2009) - Mackenzie I. Watson, President and CEO of Freewest Resources Canada Inc. (TSX VENTURE:FWR - News; the "Company") is pleased to report the remaining assay results obtained from the second phase (phase 2) of diamond drilling completed on the Company's wholly-owned McFaulds property (the "Property"). The Property, consisting of 1,036 hectares, comprises one of three properties in which the Company is exploring on its own and in joint-venture agreements in the "Ring of Fire" metals district.
The phase 2 drilling program consisted of 10,663 metres comprising 29 drill holes. Among them, 23 of them were completed on the Black Thor chromite zone. The Company released the assay results for six of the 23 drill holes in a news release dated September 16, 2009 (drill holes BT-0-52, 53, 54, 55, 59 and 60). Specifically, this news release documents the results of the remaining 17 drill holes (except drill hole BT-09-78 that has assays pending) completed on the Black Thor occurrence from the second phase of diamond drilling.
BLACK THOR DIAMOND DRILLING RESULTS:
Currently, the Black Thor chromite occurrence has been largely drilled at 100-metre centres over a 2600-metre strike length and to a maximum vertical depth of about 400 metres. It currently remains open-ended along strike and to depth (See Figure 1).
Figure 1 comprises part of this news release and is posted on the Freewest website at www.freewest.com.
Highlighting the new results are drill intercepts of 43.7% Cr2O3 over a core length of 48.0 metres (BT-09-74), 40.0% Cr2O3 over 38.0 metres (BT-09-69), 42.3% Cr2O3 over 35.0 metres (BT-09-73) and 40.5% Cr2O3 across 23.0 metres (BT-09-58). The details of the drilling results for the subject 16 drill holes at Black Thor are summarized in Table 1.
Twenty three (23) of the 23 drill holes completed during the phase 2 drilling program intersected economically significant chromite mineralization (100% hit-rate), attesting to the consistency and continuity of the Black Thor chromite occurrence. The drilling has also identified three separate domains along the 2600-metre strike length at Black Thor; such domains are likely separated by younger cross-faults and are known as the southwest, central and northeast domains. The southwest and northeast domains are characterized by the presence of 2 chromite horizons while the central domain consists of multiple chromite horizons.
Collectively, the primary goal of the phase 1 and 2 drilling program completed at Black Thor is to define a National Instrument 43-101 compliant mineral resource as soon as practically possible. Such a resource estimate is currently underway with Company management being confident of a delivery of same, prior to year-end 2009.
METALLURICAL WORK ON BLACK THOR:
Scoping-level metallurgical work is currently being completed by SGS Lakefield Research Limited on Black Thor drill core in efforts to determine the beneficiation and metal recovery characteristics of the chromite ore. The preliminary results from this work should be forthcoming shortly. Results will be released as they become available.
In parallel, Cliffs Natural Resources is currently completing scoping geometallurgical studies on Black Thor and Black Label drill core. The purpose of this work is to determine the chemical and physical characteristics of the ore or, ore quality. Ore quality ultimately impacts on optimizing mine planning, plant performance as well as the final product quality. Although final results are pending, preliminary work suggests that both Black Thor and Black Label have desirable and marketable compositions having potentially deleterious elements TiO2, MgO and Al2O3 contents at lower levels than most chromite deposits (where published).
CURRENT DRILLING PROGRAM:
Currently, there are 2 drills operating on the Company's wholly-owned property. Both are completing shallow drilling (less than 100 vertical metres) on all 3 of the domains of the Black Thor chromite occurrence to help determine the location of a potential starter pit for eventual production.
A third drill will be added shortly, to continue testing the basal contact of the Ring of Fire ultramafic intrusion with underlying granodiorite, situated stratigraphically below the chromite zones. One of the target areas warranting further drilling is the AT12 Extension, where earlier drilling by the Company returned an intersection yielding 1.62% nickel, 1.24% copper and 5.22 grams/tonne total precious metals over 1.77 metres (platinum+palladium+ gold) at shallow depth. In addition to the AT12 Extension, the Company will target a number of conductors recently defined by an airborne ZTEM survey completed by Geotech Limited. Such targets are interpreted to occur proximal to the favourable contact between the ultramafic intrusion and underlying granodiorite at the base of the Ring of Fire intrusion. Results will be released as they become available.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL:
A thorough quality control program has been implemented for the McFaulds project including grouping samples into batches of 35 into which are added 2 certified reference material standards, 2 field blanks composed of barren drill core and a field duplicate. Coarse reject and pulp duplicates also from part of the Quality Control program. The Company is confident that all assays reported in this news release have passed rigorous control guidelines as set out by Freewest's independent Quality Assurance/Quality Control person.
All samples were submitted to Activation Labs (Actlabs) of Ancaster, Ontario for analyses. The samples were analyzed for multi-elements using a 4-acid digestion followed by ICP analyses. Gold, platinum and palladium were assayed by the Fire Assay method on 30 grams of prepared sample. All chromite-bearing samples are analyzed by fusion x-ray fluorescence (XRF). The X-ray emissions allow the composition of the sample to be determined by a high degree of accuracy. Additional information on the analytical techniques employed can be accessed on the Actlabs website at www.actlabsint.com.
Additional quality control measures have also been recently adopted for Cr and Fe including the insertion of a certified reference material SARM 8, purchased from Mintek in South Africa. This quality control method provides a check for high-grade chrome samples yielded by INAA analyses provided by Actlabs.
Donald Hoy, P. Geo. (Ontario), Vice President of Exploration and a Director of Freewest Resources Canada Inc. is the Qualified Person (under National Instrument 43-101) on the McFaulds project and is responsible for the preparation of this news release.
Freewest is a well-financed mineral exploration company with more than C$4.5 million in working capital as well as a C$10.8 million investment in Quest Uranium Corp. at current prices and no debt. 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. For further information please contact:
TABLE 1 - BLACK THOR ASSAY TABLE (PHASE 2 DRILLING)
----------------------------------------------------------------------------
GRID
COORDIN- FROM TO INTERVAL
HOLE NO. NATES DIP (METRES) (METRES) (METRES) %CR2O3 CR:FE Domain
----------------------------------------------------------------------------
BT-09-57A L2300N, -50 82.5 90.0 7.5 34.1 1.48 Central
200W deg- 111.0 118.5 7.5 31.1 1.36
rees 149.0 154.0 5.0 30.1 1.48
194.0 205.0 11.0 30.8 1.51
241.0 252.0 11.0 40.7 1.77
270.0 281.0 11.0 32.6 1.54
----------------------------------------------------------------------------
BT-09-58 L2300N, -65 96.0 102.0 6.0 47.2 1.88 Central
200W deg- 120.0 144.0 24.0 32.2 1.44
rees that
includes
131.0 144.0 13.0 40.1 1.70
301.0 305.0 4.0 34.8 1.58
330.0 334.0 4.0 33.1 1.43
359.0 365.0 6.0 31.7 1.82
390.0 397.0 7.0 32.8 1.57
401.0 436.0 35.0 37.5 1.73
that
includes
409.0 432.0 23.0 40.5 1.82
----------------------------------------------------------------------------
BT-09-63 L1700N, -45 96.0 104.0 8.0 37.2 1.81 Central
175W deg- 152.0 160.0 8.0 38.2 1.99
rees
----------------------------------------------------------------------------
BT-09-64 L1700N, -60 118.0 143.0 25.0 33.6 1.65 Central
175W deg- that
rees includes
120.0 137.0 17.0 37.7 1.82
147.0 155.0 8.0 30.7 1.51
----------------------------------------------------------------------------
BT-09-65 L1500N, -45 95.0 109.0 14.0 34.2 1.81 Central
150W deg- 147.0 175.0 28.0 37.0 1.60
rees that
includes
158.0 171.0 13.0 40.4 1.62
----------------------------------------------------------------------------
BT-09-66 L1500N, -60 120.0 151.0 31.0 30.4 1.45 Central
150W deg- that
rees includes
128.0 146.0 18.0 35.8 1.59
155.0 161.0 6.0 30.6 1.44
196.0 205.0 9.0 31.8 1.47
that
includes
200.0 205.0 5.0 42.1 1.74
212.0 221.0 9.0 37.0 1.51
----------------------------------------------------------------------------
North-
BT-09-69 L2900N, -45 65.0 86.0 21.0 38.3 1.56 east
145W deg- that
rees includes
65.0 75.0 10.0 42.4 1.63
and also
includes
79.0 86.0 7.0 42.4 1.68
101.0 116.0 15.0 40.7 1.55
276.0 314.0 38.0 40.0 1.84
----------------------------------------------------------------------------
BT-09-70 L1900N, -45 137.0 140.0 3.0 39.8 1.93 Central
175W deg- 153.0 158.0 5.0 30.4 1.54
rees 176.0 180.0 4.0 30.8 1.56
199.0 212.0 13.0 40.3 1.87
220.0 231.0 11.0 36.8 1.70
----------------------------------------------------------------------------
BT-09-71 L1900N, -60 168.0 171.0 3.0 34.4 1.66 Central
175W deg- 222.0 227.0 5.0 26.8 1.47
rees 279.0 290.0 11.0 41.0 1.93
----------------------------------------------------------------------------
North-
BT-09-73 L2950N, -45 136.0 186.0 50.0 35.7 1.52 east
200W deg- that
rees includes
151.0 186.0 35.0 42.3 1.72
381.0 395.0 14.0 40.0 1.63
----------------------------------------------------------------------------
North-
BT-09-74 L2950N, -60 194.0 242.0 48.0 43.7 1.74 east
200W deg- 265.0 282.0 17.0 33.6 1.39
rees 311.0 326.0 15.0 40.5 1.56
----------------------------------------------------------------------------
South-
BT-09-75 L900N, -45 77.0 86.0 9.0 30.5 1.50 west
050W deg- 110.0 141.0 31.0 32.9 1.63
rees that
includes
120.0 141.0 21.0 37.0 1.84
----------------------------------------------------------------------------
South-
BT-09-76A L900N, -60 133.0 143.0 10.0 33.3 1.44 west
050W deg- 157.0 169.0 12.0 31.5 1.37
rees 180.0 207.0 27.0 33.4 1.54
that
includes
196.0 206.0 10.0 40.1 1.77
----------------------------------------------------------------------------
South-
BT-09-77 L1300N, -51 163.0 169.0 6.0 31.3 1.44 west
150W deg- 176.0 190.0 14.0 33.9 1.53
rees
----------------------------------------------------------------------------
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contact:
Mackenzie I. WatsonFreewest Resources Canada Inc.President and CEO(514) 878-3551 or 1-888-878-3551(514) 878-4427 (FAX)info@freewest.comwww.freewest.comMichael D'AmicoBay Street ConnectInvestor Relations(647) 500-6023
FANTOMAS
Genau wie ich vermutet habe, versucht jeder der beiden, die Aktionäre davon zu überzeugen, dass das angedachte Umtauschverhältnis nicht gut genug ist (Freewest) bzw. schon viel zu großzügig ist (Noront).
Nur reagieren die Kurse wieder einmal eher träge auf News.
Allerdings bon ich ja schon froh, wenn wir nach sehr guten News nicht gleich wieder voll gen Süden steuern.
Bei den veröffentlichten Ergebnissen von Big Daddy gestern waren für mich allerdings NICHT die Chrom Ergebnisse interessant, Chrom gibt es dort bereits mehr als genug, sondern die (etwas versteckten) Hinweise auf Platingruppen-Elemente (PGE).
Hier vor allem die PGE Funde in der "hanging wall".
Denn dort hatte die Micon Technische Studie (43-101) im April diesen Jahres die höchste Wahrscheinlichkeit von PGE Funden vermutet.
Die Bestätigung durch aktuelle Samples in der "hanging wall" mit PGE Gehalten von 2.24 g/t Plladium und 2.36 g/t Platin sind für mich eindeutige Hinweise, dass wir es hier mit der RoF-Intrusion mit einer ähnlichen geologischen Situation wie in Südafrika bei den größten Chrom und PGE Vorkommen der Welt zu tun haben : Bushveld Igneous Complex (BIC) und seiner Layered Mafic Intrusion (LMI) !
Bei Interesse einfach mal googeln, da kann man viele Parallelitäten feststellen.
Im RoF sind wir hier erst am Anfang der Geschichte, aber die Wahrscheinlichkeit von großen PGE Vorkommen wird mit jeder Bohrung höher.
Zum Thema PGE s.a. mein Agoracom Posting:
http://agoracom.com/ir/freewest/forums/discussion/topics/371…
FANTOMAS
Nur reagieren die Kurse wieder einmal eher träge auf News.
Allerdings bon ich ja schon froh, wenn wir nach sehr guten News nicht gleich wieder voll gen Süden steuern.
Bei den veröffentlichten Ergebnissen von Big Daddy gestern waren für mich allerdings NICHT die Chrom Ergebnisse interessant, Chrom gibt es dort bereits mehr als genug, sondern die (etwas versteckten) Hinweise auf Platingruppen-Elemente (PGE).
Hier vor allem die PGE Funde in der "hanging wall".
Denn dort hatte die Micon Technische Studie (43-101) im April diesen Jahres die höchste Wahrscheinlichkeit von PGE Funden vermutet.
Die Bestätigung durch aktuelle Samples in der "hanging wall" mit PGE Gehalten von 2.24 g/t Plladium und 2.36 g/t Platin sind für mich eindeutige Hinweise, dass wir es hier mit der RoF-Intrusion mit einer ähnlichen geologischen Situation wie in Südafrika bei den größten Chrom und PGE Vorkommen der Welt zu tun haben : Bushveld Igneous Complex (BIC) und seiner Layered Mafic Intrusion (LMI) !
Bei Interesse einfach mal googeln, da kann man viele Parallelitäten feststellen.
Im RoF sind wir hier erst am Anfang der Geschichte, aber die Wahrscheinlichkeit von großen PGE Vorkommen wird mit jeder Bohrung höher.
Zum Thema PGE s.a. mein Agoracom Posting:
http://agoracom.com/ir/freewest/forums/discussion/topics/371…
FANTOMAS
From the David Pescod's Late Edition Stocktalk
FREEWEST RESOURCES (V-FWR) $0.52 -0.01
We’ve joked a bit over the last couple of days about Joe
Martin, the guy behind the Cambridge House conferences
that lets investors get together with the people of the mining
patch and conferences from Vancouver, Calgary, Toronto,
Montreal and heck—even Saskatchewan now (right Tom
MacNeil?)
We had been joking over the last several years that despite
his incredible connections with brokers, analysts, mining
people, etc., Joe had not had a good record of picking
stocks...until this year. His pick from back in January has
tripled.
We put him on the spot and ask for another pick—
something that could create some excitement in a speculators
life and he has obliged. His pick...is Freewest Resources.
Yes, you’ve got it! He has decided to get into this take-over/
speculation game as Freewest is right in the middle of what
could be a take-over game. And the players involved are
kind of intriguing.
Noront is one of the players up in Northern Ontario and
the exploration there and it made a share offer for control to
try and attempt to buy out Freewest. But there are those that
think that the company, despite a big chunk of stock outstanding,
is worth a whole lot more. Some of their drilling
results on their chromite project are absolutely fantastic.
When we caught up with Michael D’Amico who does investor
relations for Freewest, needless to say he is not too
particularly happy with what he considers the low offer
made by Noront and points out that Freewest is currently
trading for more than the equivalent of the offer. He also
makes one point that everyone following this deal should
know and that was the private placement that Cliff’s made
into the company in a $5 million private placement back in
early June.
Cliff’s just happens to be the largest producer of iron ore
pellets in North America and a major supplier of direct shipping
lump and finds iron ore out of Australia and is also a
significant producer of metallurgical coal. It’s a corporate
biggie and now that Cliff’s has their toe-hole in this place, it
is going to be interesting to see what Cliff’s decides to do
about this whole deal.
Meanwhile, D’Amico tells us that he firmly believes
Freewest with their recent drilling results (folks, when you
get 34% CR203 over 174 m, you are into world-class stuff
even if it is in northern Ontario) and D’Amico suggests that
when the stainless steel industry does start to recover, you
won’t find a better resource available anywhere in the world.
So Martin is obviously betting that this take-over game is
going to heat up and just in case he is right, we pick up a
few...just a few.
FANTOMAS
FREEWEST RESOURCES (V-FWR) $0.52 -0.01
We’ve joked a bit over the last couple of days about Joe
Martin, the guy behind the Cambridge House conferences
that lets investors get together with the people of the mining
patch and conferences from Vancouver, Calgary, Toronto,
Montreal and heck—even Saskatchewan now (right Tom
MacNeil?)
We had been joking over the last several years that despite
his incredible connections with brokers, analysts, mining
people, etc., Joe had not had a good record of picking
stocks...until this year. His pick from back in January has
tripled.
We put him on the spot and ask for another pick—
something that could create some excitement in a speculators
life and he has obliged. His pick...is Freewest Resources.
Yes, you’ve got it! He has decided to get into this take-over/
speculation game as Freewest is right in the middle of what
could be a take-over game. And the players involved are
kind of intriguing.
Noront is one of the players up in Northern Ontario and
the exploration there and it made a share offer for control to
try and attempt to buy out Freewest. But there are those that
think that the company, despite a big chunk of stock outstanding,
is worth a whole lot more. Some of their drilling
results on their chromite project are absolutely fantastic.
When we caught up with Michael D’Amico who does investor
relations for Freewest, needless to say he is not too
particularly happy with what he considers the low offer
made by Noront and points out that Freewest is currently
trading for more than the equivalent of the offer. He also
makes one point that everyone following this deal should
know and that was the private placement that Cliff’s made
into the company in a $5 million private placement back in
early June.
Cliff’s just happens to be the largest producer of iron ore
pellets in North America and a major supplier of direct shipping
lump and finds iron ore out of Australia and is also a
significant producer of metallurgical coal. It’s a corporate
biggie and now that Cliff’s has their toe-hole in this place, it
is going to be interesting to see what Cliff’s decides to do
about this whole deal.
Meanwhile, D’Amico tells us that he firmly believes
Freewest with their recent drilling results (folks, when you
get 34% CR203 over 174 m, you are into world-class stuff
even if it is in northern Ontario) and D’Amico suggests that
when the stainless steel industry does start to recover, you
won’t find a better resource available anywhere in the world.
So Martin is obviously betting that this take-over game is
going to heat up and just in case he is right, we pick up a
few...just a few.
FANTOMAS
Darauf hat man lange gewartet:
http://finance.yahoo.com/news/Freewest-and-Noront-Commence-c…
Freewest and Noront Commence Drilling of Prospective Airborne Geophysical Anomaly on Their Joint-Ventured McFaulds Property, Northern Ontario
Endlich wird dieses "bullseye target" gedrillt, bin mal sehr gespannt!
Weißes Viereck in der linken, oberen Ecke der 4 FWR Claims:
Erstaunlich ist für mich nur der Zeitpunkt, mitten im "Übernahmekampf" von Noront und Freewest.
FANTOMAS
http://finance.yahoo.com/news/Freewest-and-Noront-Commence-c…
Freewest and Noront Commence Drilling of Prospective Airborne Geophysical Anomaly on Their Joint-Ventured McFaulds Property, Northern Ontario
Endlich wird dieses "bullseye target" gedrillt, bin mal sehr gespannt!
Weißes Viereck in der linken, oberen Ecke der 4 FWR Claims:
Erstaunlich ist für mich nur der Zeitpunkt, mitten im "Übernahmekampf" von Noront und Freewest.
FANTOMAS
Antwort auf Beitrag Nr.: 38.256.918 von Fantomas96 am 26.10.09 21:26:51Endlich wird dieses "bullseye target" gedrillt, bin mal sehr gespannt!
Moin ,
lange genug hat es ja auch gedauert , ca. ein Jahr .
Bei GXS gings heute ja nochmal richtig runter , erinnert mich an
NOT , da rauschte der Kurs auch nochmal richtig in den Keller ,
bevor es gen 7 Dollar ging , das waren noch Zeiten !
gruss mike
Moin ,
lange genug hat es ja auch gedauert , ca. ein Jahr .
Bei GXS gings heute ja nochmal richtig runter , erinnert mich an
NOT , da rauschte der Kurs auch nochmal richtig in den Keller ,
bevor es gen 7 Dollar ging , das waren noch Zeiten !
gruss mike
Freewest´s Antwort auf das Noront-Übernahme-Angebot:
Thanks, but no thanks !
http://www.marketwire.com/press-release/Freewest-Resources-C…
Freewest Resources Board of Directors Unanimously Recommends That Freewest Shareholders Reject Noront's Hostile Takeover Bid
MONTREAL, QUEBEC--(Marketwire - Oct. 27, 2009) - The Board of Directors of Freewest Resources Canada Inc. (TSX VENTURE:FWR) today unanimously recommended that Freewest shareholders reject the hostile take-over bid by Noront Resources Ltd. and not tender their shares to the Noront offer. The Board's recommendation is contained in a Directors' Circular being filed today.
The Directors' Circular contains the Board's recommendation, a detailed discussion of its reasons for recommending that shareholders reject the Noront offer, as well as other information required under applicable Canadian law. Freewest shareholders are urged to read the Directors' Circular in its entirety.
In making its recommendation, the Board considered many factors, including the recommendation of a Special Committee comprised of Freewest's independent directors and a written opinion from Freewest's financial advisor - CIBC World Markets Inc. - which states that, as of the date of such opinion, the consideration offered under the Noront offer is inadequate, from a financial point of view, to Freewest shareholders. The full text of the CIBC World Markets opinion is included in the Directors' Circular.
"We believe that Noront's offer is financially inadequate, opportunistic, and fails to recognize the strategic value of Freewest's assets and our future value-creation potential," said Mackenzie I. Watson, President, Chief Executive Officer and a director of Freewest. "The Board fails to see how the Noront offer serves the interests of Freewest shareholders."
Reasons for the Recommendation
The Freewest Board of Directors believes that the Noront offer fails to provide full value for Freewest's assets and shares and is an attempt by Noront to acquire Freewest without offering adequate consideration to Freewest shareholders. The Board of Directors cited a number of reasons for its recommendation, including that:
- The Board believes that the Noront offer fails to adequately compensate Freewest shareholders for the strategic value of Freewest's assets.
- The Board believes that the timing of the Noront offer is opportunistic and disadvantageous to Freewest shareholders.
- Noront does not have a strategy focused on chromite.
- The Board believes that the Noront offer does not reflect an adequate premium for control of Freewest.
- The consideration offered under the Noront offer represents a discount to the current trading price of Freewest's shares.
- The value of the consideration offered under the Noront offer is uncertain and entirely dependent on the value of Noront's shares, which are subject to significant fluctuations.
- It may be difficult for Freewest shareholders to dispose of Noront shares.
- Superior proposals or other alternatives may emerge.
- CIBC World Markets has provided a written opinion that, as of the date of such opinion, the consideration offered under the Noront offer is inadequate, from a financial point of view, to Freewest shareholders.
- The Noront offer is highly conditional.
- The Noront offer is not a "Permitted Bid" under Freewest's Shareholder Rights Plan adopted in March 2008.
- Freewest has a track record of creating value for Freewest shareholders.
"It's easy to see why Noront needs Freewest, but it's difficult to understand why Freewest would want Noront," continued Mr. Watson, Freewest's President and Chief Executive Officer. "We are focused on the development of our McFaulds chromite property. In contrast, Noront does not appear to have a development strategy focused on its chromite property. Given that Freewest shareholders would own approximately 27% of the combined entity, our Board sees little sense in diluting the growth and value inherent in Freewest shares and our McFaulds chromite property when the main beneficiaries would be the current Noront shareholders."
As discussed in the Directors' Circular, the Freewest Board of Directors and Special Committee, together with Freewest's management and financial and legal advisors, have been working to evaluate a range of strategic alternatives to enhance Freewest shareholder value. Discussions are underway with third parties in order to bring forward additional value-maximizing alternatives. While it is difficult to predict with certainty whether any transactions will emerge from these efforts and discussions, the Board of Directors believes that Freewest and its assets are potentially very attractive to other parties in addition to Noront.
In the Directors' Circular, the Board cautions Freewest shareholders against tendering to the Noront offer before the Board and its advisors have had an opportunity to fully explore all available alternatives to the Noront offer, including the status quo.
Mr. Watson added, "We are committed to enhancing value for our shareholders and will aim to do so through the continued execution of our strategy and the active consideration of potential alternatives."
Availability of the Directors' Circular
Shareholders are urged to read the Directors' Circular in its entirety. The document will be available free of charge on SEDAR at www.sedar.com and on Freewest's website at www.freewest.com. Copies of the Directors' Circular are being mailed to all Freewest shareholders.
For Investor Questions, Including How to Withdraw Shares from the Noront Offer
Shareholders who have questions or who may have already tendered their shares to the Noront offer and wish to withdraw them, may do so by contacting Freewest, toll free at 1-888-878-3551, or by e-mail at info@freewest.com.
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 Tier 1 of 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.
FANTOMAS
Thanks, but no thanks !
http://www.marketwire.com/press-release/Freewest-Resources-C…
Freewest Resources Board of Directors Unanimously Recommends That Freewest Shareholders Reject Noront's Hostile Takeover Bid
MONTREAL, QUEBEC--(Marketwire - Oct. 27, 2009) - The Board of Directors of Freewest Resources Canada Inc. (TSX VENTURE:FWR) today unanimously recommended that Freewest shareholders reject the hostile take-over bid by Noront Resources Ltd. and not tender their shares to the Noront offer. The Board's recommendation is contained in a Directors' Circular being filed today.
The Directors' Circular contains the Board's recommendation, a detailed discussion of its reasons for recommending that shareholders reject the Noront offer, as well as other information required under applicable Canadian law. Freewest shareholders are urged to read the Directors' Circular in its entirety.
In making its recommendation, the Board considered many factors, including the recommendation of a Special Committee comprised of Freewest's independent directors and a written opinion from Freewest's financial advisor - CIBC World Markets Inc. - which states that, as of the date of such opinion, the consideration offered under the Noront offer is inadequate, from a financial point of view, to Freewest shareholders. The full text of the CIBC World Markets opinion is included in the Directors' Circular.
"We believe that Noront's offer is financially inadequate, opportunistic, and fails to recognize the strategic value of Freewest's assets and our future value-creation potential," said Mackenzie I. Watson, President, Chief Executive Officer and a director of Freewest. "The Board fails to see how the Noront offer serves the interests of Freewest shareholders."
Reasons for the Recommendation
The Freewest Board of Directors believes that the Noront offer fails to provide full value for Freewest's assets and shares and is an attempt by Noront to acquire Freewest without offering adequate consideration to Freewest shareholders. The Board of Directors cited a number of reasons for its recommendation, including that:
- The Board believes that the Noront offer fails to adequately compensate Freewest shareholders for the strategic value of Freewest's assets.
- The Board believes that the timing of the Noront offer is opportunistic and disadvantageous to Freewest shareholders.
- Noront does not have a strategy focused on chromite.
- The Board believes that the Noront offer does not reflect an adequate premium for control of Freewest.
- The consideration offered under the Noront offer represents a discount to the current trading price of Freewest's shares.
- The value of the consideration offered under the Noront offer is uncertain and entirely dependent on the value of Noront's shares, which are subject to significant fluctuations.
- It may be difficult for Freewest shareholders to dispose of Noront shares.
- Superior proposals or other alternatives may emerge.
- CIBC World Markets has provided a written opinion that, as of the date of such opinion, the consideration offered under the Noront offer is inadequate, from a financial point of view, to Freewest shareholders.
- The Noront offer is highly conditional.
- The Noront offer is not a "Permitted Bid" under Freewest's Shareholder Rights Plan adopted in March 2008.
- Freewest has a track record of creating value for Freewest shareholders.
"It's easy to see why Noront needs Freewest, but it's difficult to understand why Freewest would want Noront," continued Mr. Watson, Freewest's President and Chief Executive Officer. "We are focused on the development of our McFaulds chromite property. In contrast, Noront does not appear to have a development strategy focused on its chromite property. Given that Freewest shareholders would own approximately 27% of the combined entity, our Board sees little sense in diluting the growth and value inherent in Freewest shares and our McFaulds chromite property when the main beneficiaries would be the current Noront shareholders."
As discussed in the Directors' Circular, the Freewest Board of Directors and Special Committee, together with Freewest's management and financial and legal advisors, have been working to evaluate a range of strategic alternatives to enhance Freewest shareholder value. Discussions are underway with third parties in order to bring forward additional value-maximizing alternatives. While it is difficult to predict with certainty whether any transactions will emerge from these efforts and discussions, the Board of Directors believes that Freewest and its assets are potentially very attractive to other parties in addition to Noront.
In the Directors' Circular, the Board cautions Freewest shareholders against tendering to the Noront offer before the Board and its advisors have had an opportunity to fully explore all available alternatives to the Noront offer, including the status quo.
Mr. Watson added, "We are committed to enhancing value for our shareholders and will aim to do so through the continued execution of our strategy and the active consideration of potential alternatives."
Availability of the Directors' Circular
Shareholders are urged to read the Directors' Circular in its entirety. The document will be available free of charge on SEDAR at www.sedar.com and on Freewest's website at www.freewest.com. Copies of the Directors' Circular are being mailed to all Freewest shareholders.
For Investor Questions, Including How to Withdraw Shares from the Noront Offer
Shareholders who have questions or who may have already tendered their shares to the Noront offer and wish to withdraw them, may do so by contacting Freewest, toll free at 1-888-878-3551, or by e-mail at info@freewest.com.
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 Tier 1 of 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.
FANTOMAS
Noront´s Antwort auf Freewest´s Ablehnung des Übernahmeangebotes:
http://www.norontresources.com/News/Release/176
Noront Offer for Freewest continues to represent full and fair value
TORONTO, Oct. 29 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to provide the following comments in response to the Directors' Circular filed on October 27, 2009 by Freewest Resources Canada Inc. ("Freewest").
•Freewest shareholders will benefit from a full and fair value and a significant implied premium;
•All shareholders will participate in Noront's high-grade nickel copper discoveries;
•All shareholders will benefit from a larger more robust chromite asset;
•Shareholder value will be enhanced through common infrastructure and operational efficiencies;
•All shareholders will benefit from Noront Management's demonstrated global project development expertise;
•All shareholders will benefit from a fully funded treasury and not be subject to near term dilution;
•All shareholders will benefit from improved stock liquidity;
•Discrepancies between the disclosure of the Freewest Shareholder Rights Plan in the Freewest management proxy circular, compared to the Plan itself, call into question the validity of the shareholder approval obtained.
Noront is disappointed that the directors of Freewest have issued a recommendation to reject Noront's offer to acquire all of the common shares of Freewest. Noront reiterates that the share exchange offer made for Freewest on October 13, 2009, the consideration for which is 0.25 of a Noront common share and C$0.0001 in cash for every one Freewest common share (the "Offer"), represents full and fair value. The Offer will remain open until 5:00 p.m. (Toronto time) on November 18, 2009.
Wes Hanson, Chief Executive Officer of Noront stated: "Freewest's Board of Directors fail to appreciate the compelling commercial logic, and associated shareholder value creation potential, that rationalization of the Ring of Fire would deliver through the sharing of the heavy infrastructure capital cost burden between projects. Freewest's Directors' Circular does not provide compelling evidence to support its recommendation that shareholders should reject the Offer. Taking into account chrome market supply/demand dynamics and, although highly encouraging, the early stage of current exploration, Noront believes Freewest's shareholders are being offered full and fair value." He further added, "Freewest shareholders are being given the opportunity to decide if the enhanced opportunities the Offer presents will benefit them in the long run. We believe they will see the logic of the Offer and tender their shares accordingly."
Offer Represents Full and Fair Value
The Offer will deliver superior value to Freewest shareholders in comparison to allowing Freewest to remain as a stand-alone company:
•Since the Offer is a share exchange transaction with nominal cash consideration, Freewest shareholders will, upon the successful completion of the Offer, through their ownership of Noront shares, continue to benefit from any significant developments in the Ring of Fire. Furthermore, they will continue to share in any future increases in value associated with the development and operation of the 100% owned existing portfolio of Noront including:
◦Eagle's Nest where recent geophysics and drilling results announced on October 15, 2009 have joined lens A, B and C resulting in the demonstration of over 900m of nickel, copper and PGM sulphide mineralization;
◦Blackbird deposits where an initial NI 43-101 resource estimate will be completed in the fourth quarter of 2009; and
◦The Triple J gold zone discovery announced on October 27, 2009;
◦and Freewest's deposits which include: The 100% owned Black Thor chromite deposit;
◦The 50% interest in the Big Daddy chromite deposit;
•For a deposit to be "world class" it must be more than just large, it also must have low operating costs, justify the capital requirement and generate an above industry return, thus mitigating risk. Rationalization of activities in the Ring of Fire will pave the way for the sharing of essential infrastructure and logistic costs, which will result in:
◦higher returns and economies of scale;
◦lower operating costs for all Noront and Freewest deposits in the Ring of Fire;
◦evenly distributed capital costs; and
◦significantly enhanced shareholder value;
•Noront has offered Freewest shareholders a significant implied premium, calculated over the 30 calendar day period on a volume weighted average basis ("30-calendar day VWAP") before the Offer was announced, which is representative of premiums paid in recent comparable transactions (as illustrated below). To view the illustration click on this link: http://files.newswire.ca/800/Noront_Chart_1.pdf Noront believes that a 30-calendar day VWAP is a more meaningful measure as it removes the impact of trading irregularities immediately prior to any offer being made;
•Freewest's share price prior to the Offer has only exceeded the implied offer price for 10 trading days since August 2007 when Noront originally announced its Ring of Fire discovery and not once in the last 18 months. Noront believes that Freewest's improved share price performance in recent weeks has been driven by the Offer and no other factors;
•Noront's common shares are significantly more liquid than Freewest's common shares (over the last 12 months, prior to Noront announcing its intention to make the Offer, the average daily trading volume of Noront has been nearly 10 times that of Freewest) making it easier for shareholders to dispose of their holdings without affecting the underlying share price.
•The combined company will have a land position of over 1,223 square kilometres of prospective and viable mineral claims in the Ring of Fire compared with Freewest's current land position of approximately 23 square kilometres.
•Despite Clarence Stream's current stated status as a "key mining asset" for Freewest, Noront notes:
◦Freewest has only identified a resource of 400,000 ounces of gold over the last 10 years at the property;
◦it has since optioned 50% of the project to a private company in 2007; and
◦since optioning the property, it has not publicly disclosed results of any merit.
Despite Freewest's suggestion and continued market rumours of other alternatives, the Offer is the only current bona fide offer to Freewest shareholders. Any competing alternative to the Offer is only hypothetical and not a real alternative.
Additionally, we note with interest that Freewest executive and Director, Ronald Kay's wife sold 50,000 Freewest shares two days after Noront announced its intention to make the Offer.
Noront's Ring of Fire Development Strategy
Noront management has been mandated by its Board of Directors to explore and aggressively develop the Ring of Fire in the optimal and least dilutive manner. The current management team includes five executives with extensive experience in exploration, resource modeling, metallurgy, engineering, finance and project construction and development; encompassing over 120 years of experience, including the involvement in the development or expansion of over 25 global mining and development projects with aggregate capital costs of over US$10 billion. Many of these project faced similar challenges as seen in the Ring of Fire including Diavik, Voisey's Bay, Maricunga and Fort Knox. The combination of Freewest and Noront offers all shareholders the benefits of this demonstrated project development expertise. Furthermore, with pro-forma combined working capital of approximately C$37 million the combined group would have sufficient funding to advance all of its projects in the Ring of Fire without any near term dilution.
The Board and Management of Noront collectively have been involved in the raising approximately US$12 billion in equity and debt capital for mining projects around the world.
Noront was the first company to recognize the potential of chromite in the Ring of Fire, a fact demonstrated by the completion of Canada's first NI 43-101 resource estimate for its Blackbird chromite deposit. To date, Noront has spent more than C$20 million exploring and assessing its Blackbird chromite deposit.
Noront maintains that, the development of chromite-mining operations in the Ring of Fire will be challenging, with the heavy capital cost burden of infrastructure required to access global markets. Noront believes that the sharing of essential logistics and infrastructure between the high-grade Eagle's Nest nickel, copper and PGM deposit with both companies' chrome discoveries will dramatically improve all project economics and lead to the creation of significant shareholder value by creating accessible world class deposits. Achieving these infrastructure synergies between the Ring of Fire discoveries is best achieved if one party owns all projects. Noront believes that the rationalization of activities in the Ring of Fire is the most logical course of action and best benefits all shareholders.
Chromite discoveries in the Ring of Fire
Based on the limited amount of drilling completed by other companies active in the Ring of Fire, Noront believes that grade, thickness, chrome to iron ratios and metallurgical results suggest that there is a strong likelihood of several, quite similar chrome deposits in the region in terms of quality, mine life and economic viability. For instance, the highlights of Freewest drill campaign to date are not dissimilar to those at Blackbird where several robust intervals have been intersected, including 39.6% Cr(2)O(3) over 69.6 metres, 42.3% Cr(2)O3 over 40.5 metres and 38.2% Cr(2)O3 over 74.9 metres (these drilling results were released on July 20, 2008 and September 23, 2008). Noront's assessment of publicly available information suggests that Black Thor is large but of lower quality than the Blackbird deposits. The massive units of the Blackbird deposit feature Cr(2)O3 grades in excess of 40% and chrome to iron ratios typically exceeding 2:1, both far superior to what Freewest has publicly disclosed for the Black Thor deposits. Noront's Blackbird chrome to iron ratio of 2:1 is highly desirable as it positively impacts ferrochrome production by reducing energy costs in the smelting process.
Noront has the following observations with respect to Freewest's commentary laid out in its Directors' Circular with respect to the characteristics of its Black Thor and our Blackbird chrome discoveries:
•Unlike the Bushveld Complex in South Africa where the geology is well known and chromite beds have been mined for over a century, Noront believes that with only 54 drill holes completed at Black Thor, the current drill spacing is inadequate at this time to allow scientific conclusions about the variability of quality of this deposit within the confines of a newly discovered chromite region;
•Conclusions reached by Freewest regarding Blackbird's mineralization being "poddy" and discontinuous are ill founded: The Noront geological model referenced by Freewest was an early and incomplete working model developed by Noront's geologists at site to monitor drill results. Noront's current resource model for the Blackbird deposits is being prepared by Micon International and therefore could not have been available for Freewest's review at that time;
Freewest has been unable to create value for its shareholders from the Ring of Fire
By adjusting the Freewest common share price for the value of Freewest's holding in Quest Uranium, the implied value on a per share basis of Freewest's other assets (in particular the Ring of Fire assets) has decreased between January 11, 2008, the date on which Quest Uranium commenced trading, and October 2, 2009, the last trading day immediately prior to Noront's announcement of its intention to make the Offer (see illustration below). To view the illustration click on this link: http://files.newswire.ca/800/Noront_Chart_2.pdf Demonstrating that Freewest has been unable to create value for its shareholders from its Ring of Fire assets.
Freewest's Shareholder Rights Plan
Noront does not believe that Freewest's Shareholder Rights Plan (the "Plan") and related delay tactics should be used to preserve management jobs at the expense of the Freewest shareholders. All Freewest shareholders are being asked to do is consider the Offer within time frames permitted under applicable securities law.
In regard to the Plan, Noront indicated in its Take-Over Bid Circular that there are discrepancies between the disclosure of the Plan in Freewest's management proxy circular for the meeting at which Freewest shareholders approved the Plan as described, as compared to the Plan that was eventually filed on SEDAR. These discrepancies, which mostly relate to the definition of a "Permitted Bid", call into question whether the Plan was validly approved by the shareholders and, accordingly, whether the Plan is legally effective or should be used to deprive shareholders of the their right to choose whether to accept the Offer. Noront has raised these concerns with the securities regulatory authority in Quebec and intends to pursue with the regulators these and other issues relating to the Plan so that shareholders are free to make their own choice in accordance with the policies of the securities regulatory authorities.
Noront also notes that Freewest's Directors' Circular repeats some of the false or misleading disclosure that was contained in the management proxy circular regarding the Plan. Firstly, the Directors' Circular states that a competing permitted bid must satisfy all the requirements of a "Permitted Bid" when in fact a competing bid can have a shorter term than the 60-day minimum required for a permitted bid. In addition, the Directors' Circular states that the Freewest board of directors may redeem the outstanding Rights at any time prior to the occurrence of a "Flip-In Event" when in fact the board of directors cannot redeem the rights without the prior approval of shareholders or Rights holders.
In order for the Offer to proceed, the Plan must be terminated or action must be taken by the Freewest board of directors, a securities commission or court of competent jurisdiction to remove the effect of the Plan and permit the Offer to proceed. If the operation of the Plan is not terminated, Noront may be forced to withdraw the Offer.
Noront strongly encourages shareholders of Freewest to read the Take-Over Bid Circular, which contains full terms and conditions of the Offer as well as detailed instructions on how shareholders can tender their common shares to the Offer. Copies of the Take-Over Bid Circular and related documents are available at www.norontresources.com or on SEDAR at www.sedar.com.
Freewest shareholders electing to tender their common shares to the Offer must complete the letter of transmittal or, if necessary, the notice of guaranteed delivery (both of which accompany the Take-Over Bid Circular) and return the appropriate documents in accordance with the terms and conditions more fully set out under "Manner of Acceptance" in Section 3 of the Offer. If common shares of Freewest are held in the name of a nominee, such as a broker, investment bank, bank or trust company, the shareholder should contact such nominee for instructions on how to deposit their common shares to the Offer.
For assistance in tendering shares to the Noront Offer, Freewest shareholders are encouraged to contact Laurel Hill Advisory Group at the following contact number: 1-877-304-0211.
About Noront
Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for the remainder of 2009 and 2010. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com
Wesley (Wes) Hanson
President & Chief Executive Officer
FANTOMAS
http://www.norontresources.com/News/Release/176
Noront Offer for Freewest continues to represent full and fair value
TORONTO, Oct. 29 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to provide the following comments in response to the Directors' Circular filed on October 27, 2009 by Freewest Resources Canada Inc. ("Freewest").
•Freewest shareholders will benefit from a full and fair value and a significant implied premium;
•All shareholders will participate in Noront's high-grade nickel copper discoveries;
•All shareholders will benefit from a larger more robust chromite asset;
•Shareholder value will be enhanced through common infrastructure and operational efficiencies;
•All shareholders will benefit from Noront Management's demonstrated global project development expertise;
•All shareholders will benefit from a fully funded treasury and not be subject to near term dilution;
•All shareholders will benefit from improved stock liquidity;
•Discrepancies between the disclosure of the Freewest Shareholder Rights Plan in the Freewest management proxy circular, compared to the Plan itself, call into question the validity of the shareholder approval obtained.
Noront is disappointed that the directors of Freewest have issued a recommendation to reject Noront's offer to acquire all of the common shares of Freewest. Noront reiterates that the share exchange offer made for Freewest on October 13, 2009, the consideration for which is 0.25 of a Noront common share and C$0.0001 in cash for every one Freewest common share (the "Offer"), represents full and fair value. The Offer will remain open until 5:00 p.m. (Toronto time) on November 18, 2009.
Wes Hanson, Chief Executive Officer of Noront stated: "Freewest's Board of Directors fail to appreciate the compelling commercial logic, and associated shareholder value creation potential, that rationalization of the Ring of Fire would deliver through the sharing of the heavy infrastructure capital cost burden between projects. Freewest's Directors' Circular does not provide compelling evidence to support its recommendation that shareholders should reject the Offer. Taking into account chrome market supply/demand dynamics and, although highly encouraging, the early stage of current exploration, Noront believes Freewest's shareholders are being offered full and fair value." He further added, "Freewest shareholders are being given the opportunity to decide if the enhanced opportunities the Offer presents will benefit them in the long run. We believe they will see the logic of the Offer and tender their shares accordingly."
Offer Represents Full and Fair Value
The Offer will deliver superior value to Freewest shareholders in comparison to allowing Freewest to remain as a stand-alone company:
•Since the Offer is a share exchange transaction with nominal cash consideration, Freewest shareholders will, upon the successful completion of the Offer, through their ownership of Noront shares, continue to benefit from any significant developments in the Ring of Fire. Furthermore, they will continue to share in any future increases in value associated with the development and operation of the 100% owned existing portfolio of Noront including:
◦Eagle's Nest where recent geophysics and drilling results announced on October 15, 2009 have joined lens A, B and C resulting in the demonstration of over 900m of nickel, copper and PGM sulphide mineralization;
◦Blackbird deposits where an initial NI 43-101 resource estimate will be completed in the fourth quarter of 2009; and
◦The Triple J gold zone discovery announced on October 27, 2009;
◦and Freewest's deposits which include: The 100% owned Black Thor chromite deposit;
◦The 50% interest in the Big Daddy chromite deposit;
•For a deposit to be "world class" it must be more than just large, it also must have low operating costs, justify the capital requirement and generate an above industry return, thus mitigating risk. Rationalization of activities in the Ring of Fire will pave the way for the sharing of essential infrastructure and logistic costs, which will result in:
◦higher returns and economies of scale;
◦lower operating costs for all Noront and Freewest deposits in the Ring of Fire;
◦evenly distributed capital costs; and
◦significantly enhanced shareholder value;
•Noront has offered Freewest shareholders a significant implied premium, calculated over the 30 calendar day period on a volume weighted average basis ("30-calendar day VWAP") before the Offer was announced, which is representative of premiums paid in recent comparable transactions (as illustrated below). To view the illustration click on this link: http://files.newswire.ca/800/Noront_Chart_1.pdf Noront believes that a 30-calendar day VWAP is a more meaningful measure as it removes the impact of trading irregularities immediately prior to any offer being made;
•Freewest's share price prior to the Offer has only exceeded the implied offer price for 10 trading days since August 2007 when Noront originally announced its Ring of Fire discovery and not once in the last 18 months. Noront believes that Freewest's improved share price performance in recent weeks has been driven by the Offer and no other factors;
•Noront's common shares are significantly more liquid than Freewest's common shares (over the last 12 months, prior to Noront announcing its intention to make the Offer, the average daily trading volume of Noront has been nearly 10 times that of Freewest) making it easier for shareholders to dispose of their holdings without affecting the underlying share price.
•The combined company will have a land position of over 1,223 square kilometres of prospective and viable mineral claims in the Ring of Fire compared with Freewest's current land position of approximately 23 square kilometres.
•Despite Clarence Stream's current stated status as a "key mining asset" for Freewest, Noront notes:
◦Freewest has only identified a resource of 400,000 ounces of gold over the last 10 years at the property;
◦it has since optioned 50% of the project to a private company in 2007; and
◦since optioning the property, it has not publicly disclosed results of any merit.
Despite Freewest's suggestion and continued market rumours of other alternatives, the Offer is the only current bona fide offer to Freewest shareholders. Any competing alternative to the Offer is only hypothetical and not a real alternative.
Additionally, we note with interest that Freewest executive and Director, Ronald Kay's wife sold 50,000 Freewest shares two days after Noront announced its intention to make the Offer.
Noront's Ring of Fire Development Strategy
Noront management has been mandated by its Board of Directors to explore and aggressively develop the Ring of Fire in the optimal and least dilutive manner. The current management team includes five executives with extensive experience in exploration, resource modeling, metallurgy, engineering, finance and project construction and development; encompassing over 120 years of experience, including the involvement in the development or expansion of over 25 global mining and development projects with aggregate capital costs of over US$10 billion. Many of these project faced similar challenges as seen in the Ring of Fire including Diavik, Voisey's Bay, Maricunga and Fort Knox. The combination of Freewest and Noront offers all shareholders the benefits of this demonstrated project development expertise. Furthermore, with pro-forma combined working capital of approximately C$37 million the combined group would have sufficient funding to advance all of its projects in the Ring of Fire without any near term dilution.
The Board and Management of Noront collectively have been involved in the raising approximately US$12 billion in equity and debt capital for mining projects around the world.
Noront was the first company to recognize the potential of chromite in the Ring of Fire, a fact demonstrated by the completion of Canada's first NI 43-101 resource estimate for its Blackbird chromite deposit. To date, Noront has spent more than C$20 million exploring and assessing its Blackbird chromite deposit.
Noront maintains that, the development of chromite-mining operations in the Ring of Fire will be challenging, with the heavy capital cost burden of infrastructure required to access global markets. Noront believes that the sharing of essential logistics and infrastructure between the high-grade Eagle's Nest nickel, copper and PGM deposit with both companies' chrome discoveries will dramatically improve all project economics and lead to the creation of significant shareholder value by creating accessible world class deposits. Achieving these infrastructure synergies between the Ring of Fire discoveries is best achieved if one party owns all projects. Noront believes that the rationalization of activities in the Ring of Fire is the most logical course of action and best benefits all shareholders.
Chromite discoveries in the Ring of Fire
Based on the limited amount of drilling completed by other companies active in the Ring of Fire, Noront believes that grade, thickness, chrome to iron ratios and metallurgical results suggest that there is a strong likelihood of several, quite similar chrome deposits in the region in terms of quality, mine life and economic viability. For instance, the highlights of Freewest drill campaign to date are not dissimilar to those at Blackbird where several robust intervals have been intersected, including 39.6% Cr(2)O(3) over 69.6 metres, 42.3% Cr(2)O3 over 40.5 metres and 38.2% Cr(2)O3 over 74.9 metres (these drilling results were released on July 20, 2008 and September 23, 2008). Noront's assessment of publicly available information suggests that Black Thor is large but of lower quality than the Blackbird deposits. The massive units of the Blackbird deposit feature Cr(2)O3 grades in excess of 40% and chrome to iron ratios typically exceeding 2:1, both far superior to what Freewest has publicly disclosed for the Black Thor deposits. Noront's Blackbird chrome to iron ratio of 2:1 is highly desirable as it positively impacts ferrochrome production by reducing energy costs in the smelting process.
Noront has the following observations with respect to Freewest's commentary laid out in its Directors' Circular with respect to the characteristics of its Black Thor and our Blackbird chrome discoveries:
•Unlike the Bushveld Complex in South Africa where the geology is well known and chromite beds have been mined for over a century, Noront believes that with only 54 drill holes completed at Black Thor, the current drill spacing is inadequate at this time to allow scientific conclusions about the variability of quality of this deposit within the confines of a newly discovered chromite region;
•Conclusions reached by Freewest regarding Blackbird's mineralization being "poddy" and discontinuous are ill founded: The Noront geological model referenced by Freewest was an early and incomplete working model developed by Noront's geologists at site to monitor drill results. Noront's current resource model for the Blackbird deposits is being prepared by Micon International and therefore could not have been available for Freewest's review at that time;
Freewest has been unable to create value for its shareholders from the Ring of Fire
By adjusting the Freewest common share price for the value of Freewest's holding in Quest Uranium, the implied value on a per share basis of Freewest's other assets (in particular the Ring of Fire assets) has decreased between January 11, 2008, the date on which Quest Uranium commenced trading, and October 2, 2009, the last trading day immediately prior to Noront's announcement of its intention to make the Offer (see illustration below). To view the illustration click on this link: http://files.newswire.ca/800/Noront_Chart_2.pdf Demonstrating that Freewest has been unable to create value for its shareholders from its Ring of Fire assets.
Freewest's Shareholder Rights Plan
Noront does not believe that Freewest's Shareholder Rights Plan (the "Plan") and related delay tactics should be used to preserve management jobs at the expense of the Freewest shareholders. All Freewest shareholders are being asked to do is consider the Offer within time frames permitted under applicable securities law.
In regard to the Plan, Noront indicated in its Take-Over Bid Circular that there are discrepancies between the disclosure of the Plan in Freewest's management proxy circular for the meeting at which Freewest shareholders approved the Plan as described, as compared to the Plan that was eventually filed on SEDAR. These discrepancies, which mostly relate to the definition of a "Permitted Bid", call into question whether the Plan was validly approved by the shareholders and, accordingly, whether the Plan is legally effective or should be used to deprive shareholders of the their right to choose whether to accept the Offer. Noront has raised these concerns with the securities regulatory authority in Quebec and intends to pursue with the regulators these and other issues relating to the Plan so that shareholders are free to make their own choice in accordance with the policies of the securities regulatory authorities.
Noront also notes that Freewest's Directors' Circular repeats some of the false or misleading disclosure that was contained in the management proxy circular regarding the Plan. Firstly, the Directors' Circular states that a competing permitted bid must satisfy all the requirements of a "Permitted Bid" when in fact a competing bid can have a shorter term than the 60-day minimum required for a permitted bid. In addition, the Directors' Circular states that the Freewest board of directors may redeem the outstanding Rights at any time prior to the occurrence of a "Flip-In Event" when in fact the board of directors cannot redeem the rights without the prior approval of shareholders or Rights holders.
In order for the Offer to proceed, the Plan must be terminated or action must be taken by the Freewest board of directors, a securities commission or court of competent jurisdiction to remove the effect of the Plan and permit the Offer to proceed. If the operation of the Plan is not terminated, Noront may be forced to withdraw the Offer.
Noront strongly encourages shareholders of Freewest to read the Take-Over Bid Circular, which contains full terms and conditions of the Offer as well as detailed instructions on how shareholders can tender their common shares to the Offer. Copies of the Take-Over Bid Circular and related documents are available at www.norontresources.com or on SEDAR at www.sedar.com.
Freewest shareholders electing to tender their common shares to the Offer must complete the letter of transmittal or, if necessary, the notice of guaranteed delivery (both of which accompany the Take-Over Bid Circular) and return the appropriate documents in accordance with the terms and conditions more fully set out under "Manner of Acceptance" in Section 3 of the Offer. If common shares of Freewest are held in the name of a nominee, such as a broker, investment bank, bank or trust company, the shareholder should contact such nominee for instructions on how to deposit their common shares to the Offer.
For assistance in tendering shares to the Noront Offer, Freewest shareholders are encouraged to contact Laurel Hill Advisory Group at the following contact number: 1-877-304-0211.
About Noront
Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for the remainder of 2009 and 2010. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com
Wesley (Wes) Hanson
President & Chief Executive Officer
FANTOMAS
Und hier mal Informationen zur Geschichte von Freewest und ihrem CEO Mac Watson, die gar nicht so "unerfolgreich" war, wie es sich im Noront Thread manchmal anhört:
Overview
Freewest Resources Canada (Symbol "FWR" on Montreal Exchange) is a Montreal based mineral exploration company with eleven active platinum/ palladium, gold and base metal exploration projects in Ontario, Quebec, and New Brunswick. Freewest Resources Canada is the result of a spin-off in 1994 of the previous Freewest Resources which was amalgamated/taken over by Hemlo Mines. Hemlo was itself later taken over by major gold mining corporation Battle Mountain Gold. In the amalgamation/takeover, Freewest shareholders received shares of Hemlo Mines and also received one share of the "new" Freewest Resources Canada, which included all properties except for Freewest’s Harker Holloway mine. The Harker Holloway mine was the objective for the acquisition by Hemlo. It had been discovered and developed by Freewest exclusively. It has turned out to be one of the largest mining properties discovered in the 1980’s in Ontario. It is now a producing gold mine. The success that Freewest had in exploration is a testimony to its management, particularly its CEO Mackenzie Watson.
Mackenzie Watson’s mining, management and exploration abilities have not gone unnoticed. He was named as Canada’s "Prospector of the Year" in 1991. He owns over 880,000 shares of Freewest stock. It is extremely important that the officers of a mining company are large shareholders of the company as well. It is an indication that the primary interest of management is in the performance of the company’s stock.
History has shown, just as in the case of the original Freewest Resources, that smaller mining companies that are successful in developing proven reserves are often acquired (taken over) by major mining companies, usually for shares of the major mining companies. While nobody can promise that any company will be a buyout/takeover candidate, Freewest’s management has done it in the past. Freewest has excellent exploration properties, a solid cash position, experienced management and perhaps most importantly, the ability to continue an aggressive exploration program in what has proven to be an extremely difficult period for metals and mining stocks.
Major Palladium/Platinum exploration properties
Freewest has six platinum/palladium exploration properties in Ontario. It should be emphasized that the price in palladium has exploded up in price during the last year with palladium recently selling at over $900 US per ounce. Still, few people understand the enormity of the market for the Platinum Group Elements. Palladium is used extensively in the catalytic converters to reduce the harmful gas emissions in automobiles. There is no question that palladium is a necessary component in every automobile and its world demand far exceeds its supply. Russia is presently the world’s largest producer of palladium with South Africa holding the largest amount of world reserves. Thus, the supply can not be considered as always dependable. The demand is expected to continue to expand and mining companies will continue to aggressively explore for it. The question is sometimes asked whether the dramatic price increase of palladium could force automobile manufacturers to search for a replacement for palladium. The answer is no. The total cost of palladium in an automobile is barely $70 on average. It is not a question of cost, rather one of availability. One of Freewest’s properties is the Moshkinabi project which has shown a significant platinum/palladium occurrence. Adjoining Freewest’s Bermuda property is a large deposit of platinum group elements (37 million tones) showing significant grades. Freewest’s strategy and focus is to continue extensive exploration for platinum/palladium on their properties.
Gold Exploration Properties
Freewest has four gold exploration properties in Quebec and New Brunswick. A major drilling program will be commencing in January at their Clarence Stream property in New Brunswick, Canada, where several excellent gold occurrences have been discovered in the last year. A major gold drilling program has been carried out for the last several years at the Golden Ridge property in New Brunswick with excellent results. Work will continue there for the next several years.
Debt and Cash Position
Freewest has $1 million in cash and is expected to raise another $1 million in the next several months. The company has no debt. In the difficult field of mineral exploration, debt should be totally avoided in all but the largest mining companies.
Freewest Resources Canada stock: Who owns it?
There are 40,142,989 shares of Freewest outstanding. Management and related parties own approximately 11% of all outstanding shares. CEO Mackenzie Watson owns 880,000 shares of Freewest. It is extremely important that the officers and directors are large shareholders of the company as well.
Drilling Expenditures-Past and Future
Freewest spent approximately $1 million in drilling and exploration in 2000. In 2001, the company expects to spend approximately the same amount in its drilling and exploration programs. Joint venture exploration programs, where partial interests in properties are given in exchange for exploration with larger mining companies have been done in the past and are always under consideration.
Management and Directors
As mentioned earlier in this report, management has had excellent success in exploration in the past with the Holloway mine which was later bought out by a major mining company. Moreover management has shown it’s ability to raise capital from private investors outside of the brokerage industry. This availability to the capital markets is essential for a small mining company. Recently, the brokerage industry has focused on the underwriting of high tech and Internet companies. Most have turned out to be disastrous.
Why Mining Stocks at all?
It has been a very negative five years for precious metals, base metals and the mining stocks. Investors have been led to believe that there is no need to protect oneself against inflation since the stock market would protect them against inflation. What has transpired has shown that stocks do not always protect against inflation, particularly when investors have been led into overvalued stocks. The worlds investment markets are simply alternatives. US dollar denominated investments, particularly common stocks have been the choice of investors. That cannot continue forever. But cyclical studies as well as the strength of dollar which is due for a sharp correction could may again provide investors with the potential for capital gains in the metals stocks. Gold has not gone away. The world’s supply/demand relationship is quite positive. It should be noted that the two major Central banks of the world, the US Federal Reserve Bank and the Bundesbank have not sold one ounce of their enormous holdings of gold. Lent? Yes; sold? No!
The latest technical view of Freewest
February 7, 2001: As important as are the fundamentals of a company is the timing of the investments, particularly the low capitalization and mining stocks. One should consider utilizing technical analysis to time the purchase of any stock. It can dramatically lower the average price paid. Don’t chase a stock up in price, it is usually better to wait for a correction down in price to buy it. (Yes, there is a risk of missing a stock completely if it does happen to take off, but I find that occurs less than 5% of the time.) If the fundamentals remain sound, take advantage of price weakness to "dollar cost" average by buying when a stock drops. This will lower the average cost paid. Less than 1% of investors ever do it.
I believe that by accumulating Freewest on weakness, particularly when it is trading below .40 cents (Canadian) and trying to take advantage when it is down in price, it offers an even greater chance for excellent capital gains. When gold bullion is selling in the $265 to $270 range, I believe that it offers the opportunity to accumulate the majority of common stocks of gold companies when they are exceptionally cheap. Historically, low price gold stocks have very high percentage price moves when gold moves up $30 to $40. Put a chart of gold on top of a chart of any low priced gold stock and it is evident that a 10% to 15% move in bullion often brings with it a 30% to 40% move up in the stocks, and in very low priced stocks, sometimes an even greater percentage move up. The leverage is enormous. One should take advantage of low prices in precious metals stocks, few do. Ben Franklin said that "he who has patience can have it all." Gold will take more patience. Gold basically needs two things to occur: a weaker US dollar and a long harsh bear market in stocks that should begin, according to my analysis, between September and November 2001, after finally finishing the bull market in stocks.
A Canam Report is an overview of a company and not a recommendation to buy or sell a stock. It is not a complete in-depth analysis. We have obtained this information from sources that we believe to be reliable, but we cannot guarantee its accuracy or entirety. It is a profile, not a complete discussion of risk factors associated with this or any other investments. It is provided as a source of information about a company.
Produced by the CanamInvestor.com,
1178 Faessler, Suite 108
Beloeil, Quebec, Canada J3G 6C2,
Montreal telephone 1-514-871-8806
http://www.canaminvestor.com/forum/viewtopic.php?pid=12
FANTOMAS
Overview
Freewest Resources Canada (Symbol "FWR" on Montreal Exchange) is a Montreal based mineral exploration company with eleven active platinum/ palladium, gold and base metal exploration projects in Ontario, Quebec, and New Brunswick. Freewest Resources Canada is the result of a spin-off in 1994 of the previous Freewest Resources which was amalgamated/taken over by Hemlo Mines. Hemlo was itself later taken over by major gold mining corporation Battle Mountain Gold. In the amalgamation/takeover, Freewest shareholders received shares of Hemlo Mines and also received one share of the "new" Freewest Resources Canada, which included all properties except for Freewest’s Harker Holloway mine. The Harker Holloway mine was the objective for the acquisition by Hemlo. It had been discovered and developed by Freewest exclusively. It has turned out to be one of the largest mining properties discovered in the 1980’s in Ontario. It is now a producing gold mine. The success that Freewest had in exploration is a testimony to its management, particularly its CEO Mackenzie Watson.
Mackenzie Watson’s mining, management and exploration abilities have not gone unnoticed. He was named as Canada’s "Prospector of the Year" in 1991. He owns over 880,000 shares of Freewest stock. It is extremely important that the officers of a mining company are large shareholders of the company as well. It is an indication that the primary interest of management is in the performance of the company’s stock.
History has shown, just as in the case of the original Freewest Resources, that smaller mining companies that are successful in developing proven reserves are often acquired (taken over) by major mining companies, usually for shares of the major mining companies. While nobody can promise that any company will be a buyout/takeover candidate, Freewest’s management has done it in the past. Freewest has excellent exploration properties, a solid cash position, experienced management and perhaps most importantly, the ability to continue an aggressive exploration program in what has proven to be an extremely difficult period for metals and mining stocks.
Major Palladium/Platinum exploration properties
Freewest has six platinum/palladium exploration properties in Ontario. It should be emphasized that the price in palladium has exploded up in price during the last year with palladium recently selling at over $900 US per ounce. Still, few people understand the enormity of the market for the Platinum Group Elements. Palladium is used extensively in the catalytic converters to reduce the harmful gas emissions in automobiles. There is no question that palladium is a necessary component in every automobile and its world demand far exceeds its supply. Russia is presently the world’s largest producer of palladium with South Africa holding the largest amount of world reserves. Thus, the supply can not be considered as always dependable. The demand is expected to continue to expand and mining companies will continue to aggressively explore for it. The question is sometimes asked whether the dramatic price increase of palladium could force automobile manufacturers to search for a replacement for palladium. The answer is no. The total cost of palladium in an automobile is barely $70 on average. It is not a question of cost, rather one of availability. One of Freewest’s properties is the Moshkinabi project which has shown a significant platinum/palladium occurrence. Adjoining Freewest’s Bermuda property is a large deposit of platinum group elements (37 million tones) showing significant grades. Freewest’s strategy and focus is to continue extensive exploration for platinum/palladium on their properties.
Gold Exploration Properties
Freewest has four gold exploration properties in Quebec and New Brunswick. A major drilling program will be commencing in January at their Clarence Stream property in New Brunswick, Canada, where several excellent gold occurrences have been discovered in the last year. A major gold drilling program has been carried out for the last several years at the Golden Ridge property in New Brunswick with excellent results. Work will continue there for the next several years.
Debt and Cash Position
Freewest has $1 million in cash and is expected to raise another $1 million in the next several months. The company has no debt. In the difficult field of mineral exploration, debt should be totally avoided in all but the largest mining companies.
Freewest Resources Canada stock: Who owns it?
There are 40,142,989 shares of Freewest outstanding. Management and related parties own approximately 11% of all outstanding shares. CEO Mackenzie Watson owns 880,000 shares of Freewest. It is extremely important that the officers and directors are large shareholders of the company as well.
Drilling Expenditures-Past and Future
Freewest spent approximately $1 million in drilling and exploration in 2000. In 2001, the company expects to spend approximately the same amount in its drilling and exploration programs. Joint venture exploration programs, where partial interests in properties are given in exchange for exploration with larger mining companies have been done in the past and are always under consideration.
Management and Directors
As mentioned earlier in this report, management has had excellent success in exploration in the past with the Holloway mine which was later bought out by a major mining company. Moreover management has shown it’s ability to raise capital from private investors outside of the brokerage industry. This availability to the capital markets is essential for a small mining company. Recently, the brokerage industry has focused on the underwriting of high tech and Internet companies. Most have turned out to be disastrous.
Why Mining Stocks at all?
It has been a very negative five years for precious metals, base metals and the mining stocks. Investors have been led to believe that there is no need to protect oneself against inflation since the stock market would protect them against inflation. What has transpired has shown that stocks do not always protect against inflation, particularly when investors have been led into overvalued stocks. The worlds investment markets are simply alternatives. US dollar denominated investments, particularly common stocks have been the choice of investors. That cannot continue forever. But cyclical studies as well as the strength of dollar which is due for a sharp correction could may again provide investors with the potential for capital gains in the metals stocks. Gold has not gone away. The world’s supply/demand relationship is quite positive. It should be noted that the two major Central banks of the world, the US Federal Reserve Bank and the Bundesbank have not sold one ounce of their enormous holdings of gold. Lent? Yes; sold? No!
The latest technical view of Freewest
February 7, 2001: As important as are the fundamentals of a company is the timing of the investments, particularly the low capitalization and mining stocks. One should consider utilizing technical analysis to time the purchase of any stock. It can dramatically lower the average price paid. Don’t chase a stock up in price, it is usually better to wait for a correction down in price to buy it. (Yes, there is a risk of missing a stock completely if it does happen to take off, but I find that occurs less than 5% of the time.) If the fundamentals remain sound, take advantage of price weakness to "dollar cost" average by buying when a stock drops. This will lower the average cost paid. Less than 1% of investors ever do it.
I believe that by accumulating Freewest on weakness, particularly when it is trading below .40 cents (Canadian) and trying to take advantage when it is down in price, it offers an even greater chance for excellent capital gains. When gold bullion is selling in the $265 to $270 range, I believe that it offers the opportunity to accumulate the majority of common stocks of gold companies when they are exceptionally cheap. Historically, low price gold stocks have very high percentage price moves when gold moves up $30 to $40. Put a chart of gold on top of a chart of any low priced gold stock and it is evident that a 10% to 15% move in bullion often brings with it a 30% to 40% move up in the stocks, and in very low priced stocks, sometimes an even greater percentage move up. The leverage is enormous. One should take advantage of low prices in precious metals stocks, few do. Ben Franklin said that "he who has patience can have it all." Gold will take more patience. Gold basically needs two things to occur: a weaker US dollar and a long harsh bear market in stocks that should begin, according to my analysis, between September and November 2001, after finally finishing the bull market in stocks.
A Canam Report is an overview of a company and not a recommendation to buy or sell a stock. It is not a complete in-depth analysis. We have obtained this information from sources that we believe to be reliable, but we cannot guarantee its accuracy or entirety. It is a profile, not a complete discussion of risk factors associated with this or any other investments. It is provided as a source of information about a company.
Produced by the CanamInvestor.com,
1178 Faessler, Suite 108
Beloeil, Quebec, Canada J3G 6C2,
Montreal telephone 1-514-871-8806
http://www.canaminvestor.com/forum/viewtopic.php?pid=12
FANTOMAS
Freewest Update on Exploration Activities on Its 100%-Owned McFaulds Property, Northern Ontario
MONTREAL, QUEBEC--(Nov. 5, 2009) -
- Drilling delineates potential mineral deposit at Black Thor occurrence ranging from 50 million to 60 million tonnes in size, with a grade between 31% to 38% Cr2O3
- Black Thor occurrence has potential to host between 278,000 and 406,000 ounces of platinum as well as between 260,000 and 381,000 ounces of palladium
Freewest Resources Canada Inc. (TSX VENTURE:FWR) is pleased to provide the following exploration update on Freewest's wholly-owned McFaulds property. The wholly-owned McFaulds Property, consisting of 1,036 hectares, comprises one of three properties in the "Ring of Fire" metals district in northern Ontario which Freewest is exploring on its own or under joint-venture agreements.
This news release reports on the Black Thor chromite occurrence as a potential mineral deposit. To comply with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, the potential quantity and grade of a potential mineral deposit such as Black Thor must be reported as ranges. This news release also provides an update of the current diamond drilling program being completed on the McFaulds Property.
POTENTIAL MINERAL DEPOSIT
To date, Freewest has completed 22,845 metres of diamond drilling comprising 67 holes on the Black Thor chromite occurrence. The drilling has tested Black Thor over a strike length of 2,600 metres and to a maximum depth of 400 vertical metres, with an average drill test depth of approximately 300 metres over this strike length. Most importantly, Black Thor remains completely open-ended along strike and to depth as the limits of chromite mineralization have yet to be defined.
To supplement the completion of an independent mineral resource estimate on Black Thor that is being currently undertaken in compliance with National Instrument 43-101, Freewest has calculated an inventory comprising a potential mineral deposit on Black Thor. The drilling delineates a potential mineral deposit at Black Thor ranging from 50 million to 60 million tonnes in size with a grade of between 31% to 38% Cr2O3 (chromium oxide), as set out in the table below. In addition to chromite, the Black Thor occurrence has the potential to host between 278,000 and 406,000 ounces of platinum as well as between 260,000 and 381,000 ounces of palladium.
(1) The potential mineral deposit at Black Thor is conceptual in nature; the tonnage and grade are uncertain due to insufficient exploration data. It is uncertain if further drilling will result in the target being delineated as a mineral resource. The tonnage and grade for the potential mineral deposit were calculated employing the cross-sectional method utilizing mineralized blocks that are continuous half the distance to adjacent drill sections. Mineralized blocks were extended up-dip and down-dip a distance of 75 metres on-section, unless otherwise constrained. A cut-off grade of 25% Cr2O3 was utilized to define mineralized blocks and a specific gravity of 3.7 was used to calculate quantity. The potential mineral deposit for Black Thor was calculated to an average depth of about 300 metres along the 2,600-metre strike length.
Shallow drilling above the 100-metre level is currently being completed along Black Thor's 2,600-metre strike length in an effort to extend the mineralized blocks utilized in the calculation to surface. This is expected to have the effect of significantly increasing the size of the potential mineral deposit upon completion. In addition, selected chromite-bearing samples are being analyzed for the complete package of platinum-group elements that include platinum, palladium, rhodium, iridium, ruthenium and osmium. The latter three platinum-group elements tend to partition with oxide-phase minerals including chromite. Results for these analyses will be released by Freewest as they become available.
DIAMOND DRILLING UPDATE
Currently, the third phase of diamond drilling continues to fill-in and expand the mineral resource of the Black Thor chromite occurrence. As indicated, much of the current drilling at Black Thor is shallow in nature, generally above the 100-metre level. Highlighting the initial holes completed during the third-phase drilling program are massive chromite intercepts of 33.7 metres (BT-09-88), 32.5 metres (BT-09-96), 26.7 metres (BT-09-83), 26.1 metres and 21.4 metres (BT-09-86), 24.4 metres (BT-09-81) and 22.6 metres (BT-09-84).
Of the 13 holes completed to date during Phase 3 at Black Thor, 11 of the holes intersected significant chromite mineralization, representing a success rate of 85%. The visual results of current drilling at Black Thor are as follows.
Click On Chart To View Larger Image
In addition to the ongoing drilling of the Black Thor occurrence, drilling is also being completed at several of the nickel-copper-platinum group element prospects, including the AT 12 Extension as well as the F2 sulphide zone of the McFaulds Property. Earlier drilling at these two occurrences yielded 1.62% nickel, 1.24% copper and 5.22 g/t TPM (platinum+palladium+gold) over 1.77 metres at the AT12 Extension and 3.60% nickel, 0.42% copper, 0.21 grams/tonne platinum and 3.24 grams per tonne palladium over a narrow 0.4-metre length at the F2 sulphide zone. Down-hole Pulse EM (electromagnetic) surveys will be completed shortly at both the AT12 Extension and F2 sulphide zone to help guide future diamond-drilling efforts.
FREEWEST MOVING FORWARD
Freewest expects that an independent mineral resource estimate on Black Thor to be prepared in compliance with National Instrument 43-101 will be completed by the end of 2009. A site visit to the McFaulds camp by the author of the technical report remains to be done. In addition, baseline environmental studies are well underway, involving a soil and groundwater investigation to establish the baseline level of potential contaminants in soils and groundwater beneath the concerned sites.
Final reports are also expected shortly for a preliminary assessment on chromite metallurgy and recovery from the Black Thor and Black Label occurrences (completed by Micon International Limited) as well as scoping-level geometallurgical studies investigating ore quality from same, completed by Cliffs Natural Resources Inc.
Drilling will continue on the McFaulds Property, employing three drill rigs testing Black Thor, Black Label as well as the AT12 Extension and F2 sulphide zone. It is expected that drilling will continue until the Christmas break. Results will be released by Freewest as they become available.
INDEPENDENT QUALITY-CONTROL AND ANALYTICAL PROTOCOL
A thorough quality-control program has been implemented for the McFaulds Property, including grouping samples into batches of 35 into which are added two certified reference material standards, two field blanks composed of barren drill core and a field duplicate. Coarse reject and pulp duplicates also form part of the quality-control program. Freewest believes that all assays reported in this news release have passed rigorous control guidelines as set out by Freewest's independent Quality Assurance/Quality Control person.
All samples were submitted to Activation Labs (Actlabs) of Ancaster, Ontario for analysis. The samples were analyzed for multi-elements using a 4-acid digestion followed by ICP analyses. Gold, platinum and palladium were assayed by the fire-assay method on 30 grams of prepared sample. All chromite-bearing samples are analyzed by fusion x-ray fluorescence (XRF). The x-ray emissions allow the composition of the sample to be determined with a high degree of accuracy. Additional information on the analytical techniques employed is available on the Actlabs website at www.actlabsint.com.
Additional quality-control measures have also recently been adopted for Cr (chromium) and Fe (iron), including the insertion of a certified-reference material, SARM 8, purchased from Mintek in South Africa. This quality-control method provides a check for high-grade chrome samples yielded by INAA analyses provided by Actlabs.
Donald Hoy, P. Geo. (Ontario), Vice-President, Exploration and a Director of Freewest, is the Qualified Person under National Instrument 43-101 for the McFaulds Property and is responsible for the preparation of, and verification of the data disclosed in, this news release.
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 Tier 1 of 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
MONTREAL, QUEBEC--(Nov. 5, 2009) -
- Drilling delineates potential mineral deposit at Black Thor occurrence ranging from 50 million to 60 million tonnes in size, with a grade between 31% to 38% Cr2O3
- Black Thor occurrence has potential to host between 278,000 and 406,000 ounces of platinum as well as between 260,000 and 381,000 ounces of palladium
Freewest Resources Canada Inc. (TSX VENTURE:FWR) is pleased to provide the following exploration update on Freewest's wholly-owned McFaulds property. The wholly-owned McFaulds Property, consisting of 1,036 hectares, comprises one of three properties in the "Ring of Fire" metals district in northern Ontario which Freewest is exploring on its own or under joint-venture agreements.
This news release reports on the Black Thor chromite occurrence as a potential mineral deposit. To comply with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, the potential quantity and grade of a potential mineral deposit such as Black Thor must be reported as ranges. This news release also provides an update of the current diamond drilling program being completed on the McFaulds Property.
POTENTIAL MINERAL DEPOSIT
To date, Freewest has completed 22,845 metres of diamond drilling comprising 67 holes on the Black Thor chromite occurrence. The drilling has tested Black Thor over a strike length of 2,600 metres and to a maximum depth of 400 vertical metres, with an average drill test depth of approximately 300 metres over this strike length. Most importantly, Black Thor remains completely open-ended along strike and to depth as the limits of chromite mineralization have yet to be defined.
To supplement the completion of an independent mineral resource estimate on Black Thor that is being currently undertaken in compliance with National Instrument 43-101, Freewest has calculated an inventory comprising a potential mineral deposit on Black Thor. The drilling delineates a potential mineral deposit at Black Thor ranging from 50 million to 60 million tonnes in size with a grade of between 31% to 38% Cr2O3 (chromium oxide), as set out in the table below. In addition to chromite, the Black Thor occurrence has the potential to host between 278,000 and 406,000 ounces of platinum as well as between 260,000 and 381,000 ounces of palladium.
(1) The potential mineral deposit at Black Thor is conceptual in nature; the tonnage and grade are uncertain due to insufficient exploration data. It is uncertain if further drilling will result in the target being delineated as a mineral resource. The tonnage and grade for the potential mineral deposit were calculated employing the cross-sectional method utilizing mineralized blocks that are continuous half the distance to adjacent drill sections. Mineralized blocks were extended up-dip and down-dip a distance of 75 metres on-section, unless otherwise constrained. A cut-off grade of 25% Cr2O3 was utilized to define mineralized blocks and a specific gravity of 3.7 was used to calculate quantity. The potential mineral deposit for Black Thor was calculated to an average depth of about 300 metres along the 2,600-metre strike length.
Shallow drilling above the 100-metre level is currently being completed along Black Thor's 2,600-metre strike length in an effort to extend the mineralized blocks utilized in the calculation to surface. This is expected to have the effect of significantly increasing the size of the potential mineral deposit upon completion. In addition, selected chromite-bearing samples are being analyzed for the complete package of platinum-group elements that include platinum, palladium, rhodium, iridium, ruthenium and osmium. The latter three platinum-group elements tend to partition with oxide-phase minerals including chromite. Results for these analyses will be released by Freewest as they become available.
DIAMOND DRILLING UPDATE
Currently, the third phase of diamond drilling continues to fill-in and expand the mineral resource of the Black Thor chromite occurrence. As indicated, much of the current drilling at Black Thor is shallow in nature, generally above the 100-metre level. Highlighting the initial holes completed during the third-phase drilling program are massive chromite intercepts of 33.7 metres (BT-09-88), 32.5 metres (BT-09-96), 26.7 metres (BT-09-83), 26.1 metres and 21.4 metres (BT-09-86), 24.4 metres (BT-09-81) and 22.6 metres (BT-09-84).
Of the 13 holes completed to date during Phase 3 at Black Thor, 11 of the holes intersected significant chromite mineralization, representing a success rate of 85%. The visual results of current drilling at Black Thor are as follows.
Click On Chart To View Larger Image
In addition to the ongoing drilling of the Black Thor occurrence, drilling is also being completed at several of the nickel-copper-platinum group element prospects, including the AT 12 Extension as well as the F2 sulphide zone of the McFaulds Property. Earlier drilling at these two occurrences yielded 1.62% nickel, 1.24% copper and 5.22 g/t TPM (platinum+palladium+gold) over 1.77 metres at the AT12 Extension and 3.60% nickel, 0.42% copper, 0.21 grams/tonne platinum and 3.24 grams per tonne palladium over a narrow 0.4-metre length at the F2 sulphide zone. Down-hole Pulse EM (electromagnetic) surveys will be completed shortly at both the AT12 Extension and F2 sulphide zone to help guide future diamond-drilling efforts.
FREEWEST MOVING FORWARD
Freewest expects that an independent mineral resource estimate on Black Thor to be prepared in compliance with National Instrument 43-101 will be completed by the end of 2009. A site visit to the McFaulds camp by the author of the technical report remains to be done. In addition, baseline environmental studies are well underway, involving a soil and groundwater investigation to establish the baseline level of potential contaminants in soils and groundwater beneath the concerned sites.
Final reports are also expected shortly for a preliminary assessment on chromite metallurgy and recovery from the Black Thor and Black Label occurrences (completed by Micon International Limited) as well as scoping-level geometallurgical studies investigating ore quality from same, completed by Cliffs Natural Resources Inc.
Drilling will continue on the McFaulds Property, employing three drill rigs testing Black Thor, Black Label as well as the AT12 Extension and F2 sulphide zone. It is expected that drilling will continue until the Christmas break. Results will be released by Freewest as they become available.
INDEPENDENT QUALITY-CONTROL AND ANALYTICAL PROTOCOL
A thorough quality-control program has been implemented for the McFaulds Property, including grouping samples into batches of 35 into which are added two certified reference material standards, two field blanks composed of barren drill core and a field duplicate. Coarse reject and pulp duplicates also form part of the quality-control program. Freewest believes that all assays reported in this news release have passed rigorous control guidelines as set out by Freewest's independent Quality Assurance/Quality Control person.
All samples were submitted to Activation Labs (Actlabs) of Ancaster, Ontario for analysis. The samples were analyzed for multi-elements using a 4-acid digestion followed by ICP analyses. Gold, platinum and palladium were assayed by the fire-assay method on 30 grams of prepared sample. All chromite-bearing samples are analyzed by fusion x-ray fluorescence (XRF). The x-ray emissions allow the composition of the sample to be determined with a high degree of accuracy. Additional information on the analytical techniques employed is available on the Actlabs website at www.actlabsint.com.
Additional quality-control measures have also recently been adopted for Cr (chromium) and Fe (iron), including the insertion of a certified-reference material, SARM 8, purchased from Mintek in South Africa. This quality-control method provides a check for high-grade chrome samples yielded by INAA analyses provided by Actlabs.
Donald Hoy, P. Geo. (Ontario), Vice-President, Exploration and a Director of Freewest, is the Qualified Person under National Instrument 43-101 for the McFaulds Property and is responsible for the preparation of, and verification of the data disclosed in, this news release.
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 Tier 1 of 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
http://finance.yahoo.com/news/Freewest-Announces-Hearing-on-…
Freewest Announces Hearing on Shareholder Rights Plan
- Hearing scheduled for November 12 and 13
- Freewest to oppose application by Noront Resources for cease-trade order against Freewest's Shareholder Rights Plan
MONTREAL, QUEBEC--(Marketwire - Nov. 6, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR - News) announces that a hearing before the Bureau de decision et de revision en valeurs mobilieres will be held on November 12 and 13, 2009 to consider an application filed by Noront Resources Ltd. for a cease-trade order against Freewest's Shareholder Rights Plan, adopted in 2008. The application follows Noront's hostile take-over bid for all of Freewest's outstanding shares launched on October 13, 2009.
Noront's application was filed with the Bureau de decision et de revision en valeurs mobilieres on November 2, 2009. Noront's counsel announced its intention to file an application for a cease-trade order against Freewest's Shareholder Rights Plan in a letter dated October 6, 2009 to the Autorite des marches financiers.
Freewest is preparing its defence opposing Noront's application and expects to file it with the Bureau de decision et de revision en valeurs mobilieres shortly.
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 Tier 1 of 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.
Contact:
Mackenzie I. WatsonFreewest Resources Canada Inc.President and CEO(514) 878-3551 or 1-888-878-3551(514) 878-4427 (FAX)info@freewest.comwww.freewest.comMichael D'AmicoBay Street ConnectInvestor Relations(647) 500-6023
FANTOMAS
Freewest Announces Hearing on Shareholder Rights Plan
- Hearing scheduled for November 12 and 13
- Freewest to oppose application by Noront Resources for cease-trade order against Freewest's Shareholder Rights Plan
MONTREAL, QUEBEC--(Marketwire - Nov. 6, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR - News) announces that a hearing before the Bureau de decision et de revision en valeurs mobilieres will be held on November 12 and 13, 2009 to consider an application filed by Noront Resources Ltd. for a cease-trade order against Freewest's Shareholder Rights Plan, adopted in 2008. The application follows Noront's hostile take-over bid for all of Freewest's outstanding shares launched on October 13, 2009.
Noront's application was filed with the Bureau de decision et de revision en valeurs mobilieres on November 2, 2009. Noront's counsel announced its intention to file an application for a cease-trade order against Freewest's Shareholder Rights Plan in a letter dated October 6, 2009 to the Autorite des marches financiers.
Freewest is preparing its defence opposing Noront's application and expects to file it with the Bureau de decision et de revision en valeurs mobilieres shortly.
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 Tier 1 of 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.
Contact:
Mackenzie I. WatsonFreewest Resources Canada Inc.President and CEO(514) 878-3551 or 1-888-878-3551(514) 878-4427 (FAX)info@freewest.comwww.freewest.comMichael D'AmicoBay Street ConnectInvestor Relations(647) 500-6023
FANTOMAS
Mining Markets, September 2009 : Chrome
http://www.miningmarkets.ca/issues/story.aspx?aid=1000344006…
If Las Vegas odds makers were handicapping the field to determine who will be first past the post in the 'Ring of Fire' Chromite Derby, Noront Resources (NOT-T) would be the surefire front-runner; Freewest Resources (FWR-V), the dark horse; KWG Resources (KWG-V) and Spider Resources (SPQ-V), the long shots; while Probe Mines (PRB-V) would be the pretender -- at least for now.
The winner will publish Canada's first National Instrument 43-101-compliant resource estimate for a chromite deposit -- a feat that could be worth millions.
"I have got the first resource estimate, for sure," claims Wes Hanson, president and CEO of Noront. "Certainly some of the other players in the camp have very interesting chromite discoveries. Unlike Noront, they are probably about two years behind us in terms of getting it drilled off to a level sufficient enough to allow them to do a 43-101 resource estimate."
While that may or may not be true, Noront's leader-of-the-pack status did not happen without a plan.
After Noront's original president and CEO Richard Nemis was toppled last fall in a coup led by institutional investors, stand-in co-CEOs, Joe Hamilton and Paul Parisotto, both of whom were replaced by Hanson in June, determined that a National Instrument 43-101 resource estimate on Blackbird One and Two would likely give the junior a share price bump and allow Noront to not only gauge the value of its chromite deposits, but others in the camp, too.
The Bay Street-friendly junior, by far the best financed in the camp, just completed a $25-million flow-through financing, and has hired Micon International to complete a resource estimate. Noront expects a draft by the end of November.
Noront has sunk 154 drill holes totalling more than 52,000 metres into Blackbird One and Blackbird Two. The deposits were found during follow-up drilling on geophysical anomalies similar to one that turned into Noront's flagship project -- the Eagle One nickel-copper- PGM magmatic massive sulphide deposit.
Some noteworthy results from early drilling on Blackbird One and Two include a15.7-metre interval grading 43.51% chromite with a chromite to iron ratio of 2.17 to 1; another hole returned 39.84% chromite over 30.6 metres; and yet another hit 39.64% chromite over 24.6 metres. The latter intercepts had similar chromite-to- iron ratios.
Some highlights from drill results released in late August showed similar promise. For example, hole NOT-09-1G157 returned 28.27 metres averaging 39.31% Cr2O3; hole NOT-09-1G159 found 25.13 metres running 35.99% Cr2O3; and hole NOT-09-1G168 hit 20.85 metres averaging 38.06% Cr2O3.
Noront's intervals include massive chromite, zones of intercalated beds of chromite, and heavily disseminated chromite hosted by talc-altered dunite and peridotite.
Metallurgical tests conducted by Noront determined that massive chromite could be recovered using dense media separation. And bench-scale tests used conventional gravity separation to achieve recoveries of 87% with the massive chromite, and 80% with the disseminated chromite and intercalated beds.
Earlier this year Noront hired a South African chromite expert -- South Africa is the world's largest chromite producer -- to help Noront assess its deposits. He said there was only one thing wrong with Noront's chromite -- that his company didn't own it.
Freewest
Freewest has three drills turning on its Black Thor chromite project, which could have easily fallen into Noront's clutches.
Without enough cash to test the property, Freewest optioned it to Noront, which in turn sub-optioned it to Probe Mines. Probe kicked it around, eventually drilled a couple of holes, found squat, and returned it to Noront, which returned it to Freewest.
In September 2008, with cash created by the momentum of Noront's high-grade Eagle-One Nickel-copper discovery nearby, Freewest drilled gravity anomalies along a 14-km ultramafic sill inside the Ring-- the same intrusion that hosts all of the chromite deposits found so far.
"Given the dimensions, it's a real district just on the chromite alone," says Donald Hoy, Freewest's vice-president of exploration, and a director.
Drilling at 200-metre centres -- unusually large gaps between holes -- traced the reclaimed Black Thor property over a 2.6-km strike length. The mineralization remains open along strike, in both directions.
Ongoing infill drilling on Freewest's 100%-owned Black Thor at 100-metre centres, and soon at 50-metre centres, should provide enough data for a resource estimate. Hoy says it could happen by Christmas.
"The goal of all that is to, by the end of this year, have enough information in hand such that we too can calculate a NI 43-101-compliant resource," says Hoy, stressing that his company is indeed racing against Noront.
Black Thor, apart from being a clever name for the project, lives up to its godly title. The discovery hole in September 2008 hit about 100 metres running 30% chromite. Hoy says that was the best intersection in the belt at that point.
Since then, Freewest has reported another hole on Black Thor running 34.1% Cr2O3 over a core length of 174 metres.
Freewest's proximal Black Label chromite zone, discovered in February 2009, has yielded up to 32.4% Cr2O3 in a 37.2-metre intersection.
Freewest is also in a joint venture with Noront (see map on page 20), with Freewest as operator, but neither junior is working the property.
If Black Thor and Black Label were not enough, Freewest owns a 50% stake in the Big Daddy chromite deposit -- the camp's first chromite discovery, made in March 2006, by Spider Resources president and CEO Neil Novak (See A Brief History, page 18).
Freewest optioned the Big Daddy concession to the KWG Resources-Spider Resources Joint Venture in 2005. The JV spent $3 million on exploration, with Spider as operator, to earn a 50% stake (25% each). Having reached that threshold, the partners are now earning a 60% interest.
Big Daddy is about 5 km northeast of Noront's Blackbird One and Two discoveries, and 4 km southwest of Black Thor.
The JV believes Big Daddy will get even bigger. Diamond drilling by the KWG-Spider JV has identified a northeast-trending zone of continuous chromite mineralization that extends from local grid line 9+00 metres northeast to 13+00 northeast. The mineralized zone dips towards the northwest and contains different widths of chrome mineralization in a series of stacked lenses. The JV says it needs more infill drilling to confirm that the lenses continue from section to section.
Big Daddy is open at depth as well as along strike in both directions.
This fall, the KWG-Spider JV is drilling Big Daddy with two drills as part of an 11,000-metre campaign. The JV plans to wrap it up before the cold weather sets in. If it doesn't, drilling will cease and resume once ice covers the area.
Last January, the JV published results from the final two holes in last year's exploration program: one hit 42.08% Cr2O3 over 34.8 metres, while another met 34.96% Cr2O3 over 42 metres.
It's common for some nickel-copper- PGM mineralization to occur with magmatic stratiform chrome deposits and Big Daddy is no exception.
The results from 2008's final holes showed promising PGM mineralization, including one intersection of 4 metres running 1.08 grams platinum per tonne, and 1.5 grams palladium.
Probing for chromite
Probe Mines and Noront are camp neighbours and both juniors recently released drill results from the Probe Mines-Noront Resources joint-venture property, situated between Black Thor and Big Daddy, now known as the Black Creek discovery.
Hole MJV09-03 at Black Creek was drilled on a 45-degree angle and intersected 40.1 metres of mostly massive chromite averaging 37.4% Cr2O3. Hole MJV09-04 was drilled under MJV09-03 at minus 60 degrees and intersected the same zone below surface.
The next two holes were drilled at minus 45 and minus 60 degrees, respectively, about 100 metres northeast of holes MJV09-03 and -04. Hole MJV09- 05 intersected a 50.6-metre interval averaging 32.2% Cr2O3, while hole MJV09-06 intersected 62.4 metres of 34.5% Cr2O3. Mineralization reached 186 metres depth, and is open in every direction.
Fancamp Exploration (FNC-V) is part of the camp's mix, too, with its McFauld's Lake property sitting along strike between Black Bird and Black Thor. Fancamp has yet to drill McFauld's Lake but could nonetheless see a bump in its share price once Noront publishes the much anticipated spring drilling results from the Eagle 1 and 2 deposits, which abutt Fancamp's concessions.
King of the Ring
If chromite is ever going to be mined in the Ring -- and that is still a long way off -- it's likely to happen either after or in concert with nickel, copper, and platinum group metals ore flowing from Noront's Eagle One and Two deposits.
"If we didn't have (Eagle One), it's extraordinarily difficult to develop the chromites," says Noront's Hanson.
An early economic assessment of Noront's Eagle One nickel-copper deposit reported an estimated indicated resource of 1.8 million tonnes averaging 1.96% nickel, 1.18% copper and 5.1 grams combined platinum, palladium and gold per tonne.
In 2008, the Eagle One mineralization had an estimated in-situ value of $1 billion, leading Noront to trademark the tag line "King of the Ring."
In late June 2009, Noront published results from Hole 49, which drilled underneath Eagle One's known mineralization to a depth of 1,000 metres. The hole intersected two zones of disseminated, semi-massive and massive sulphides, one from 269 metres to 510 metres below surface and the other from 749 metres to 945 metres.
The hole more than tripled the down dip extension of known mineralization and revealed two more mineralized lenses -- the Eagle's Nest, as Noront is calling it -- known as Eagle 1A and 1B.
"It's a conduit system. You could get repeated lenses all the way down," says Spider's Novak, Noront's former vice-president of exploration.
The Hole 49 news sent Noront shares soaring from a mid-July low $0.63 to a high of $2.70 on Aug. 4. By presstime on Aug. 27, Noront shares had retreated to $2.09.
The junior will likely publish a second resource estimate on Eagle One in late 2010.
Says Novak: "Noront just raised twenty-five million dollars. That's the type of money they are going to have to spend to detail drill (Eagle One). To prove up the fifteen, twenty or thirty million tonnes or whatever it ends up being."
No Roads Lead To Chrome
Getting the chromite to market will be an exercise in patience and fundraising.
The infrastructure in the James Bay lowlands is, at best, minimal. Makeshift trails and old logging roads. Diesel-generated electricity. A tiny labour pool. And the Ontario Northland rail line stops at Nakina, Ont., about 300 km due south.
A line linking the Ring with Nakina would cost between $500 million and $600 million (a dirt road would be about the same price). The last railway built exclusively to service a mining camp was completed in 1954 to bring iron ore from mines in Schefferville, Que., to the deep water port at Sept-Iles.
KWG has held talks with the Ontario Northland Transportation Commission (ONTC), a unit of the Ministry of Northern Development and Mines. The ONTC controls the Ontario Northland Railroad, which KWG president Frank Smeenk thinks is the logical choice for the would-be railroad's operator.
There are several rail line funding ideas, both private and public, being discussed but perhaps the most interesting is a model being developed by KWG.
Smeenk plans to ask the Canada Revenue Agency for permission to establish a flow-through "mutual fund" that would effectively transfer the costs, recorded as business losses, to investors who would use them as tax deductions against income.
Even if that pie-in-the-sky notion gets off the ground, there is still the matter of funding a smelter or electric arc furnace needed to process chromite into ferrochrome, which is mostly employed as a strengthener in stainless steel. This is where Cliffs Natural Resources (CLF-N) enters the picture.
Cliffs is North America's largest producer of iron ore pellets via six mines in Michigan, Minnesota and eastern Canada. It operates two coking coal mining complexes, one in West Virginia, the other in Alabama, and boasts a market cap of US$3.2 billion.
Cliffs owns 19.9% of KWG and, on a fully diluted basis, about 10% of Freewest.
Cliffs has a back-of-the-napkin cap-ex calculation of US$1.4 billion for an open-pit chromite mine at McFauld's Lake: US$600 million for a railroad, US$600 million for an arc furnace or smelter, and a mere US$200 million for an open-pit mine.
"It makes a very handsome rate of return paying off that kind of capital at one train a day carrying 4,000 tonnes of ore -and that's the North American market," Smeenk explains (See A market for chrome, page 25).
There is no chromite production in North America. The steel mills in the West mostly import chromite from South Africa.
Grades in the Archean-aged Ring of Fire compare well with the robust chromite deposits in South Africa's Bushveld complex, and are better than the Proterozoic- aged Kemi mine in Finland.
A chromite-to-iron ratio of 2 to 1 or higher is considered ideal. In South Africa, the ratios are generally 1.7-1.8 to 1, and at Kemi, the ratio drops to 1.5-1.6 to 1.
Most of the chromite intersections in the Ring of Fire have consistently been above 2 to 1.
"(The chromite is) very thick, it's got a higher-grade core, it stands almost vertical and has very little outcrop. From the perspective of an iron miner like Cliffs, this is a slam-dunk for a big pit," Smeenk crows.
Noront, meanwhile, has hired an Ottawa-based lobbying firm to help it get government cash to assist with development -- a process made easier with a resource estimate.
"It's too early for (the government) at this point. They need to see something concrete," Hoy says.
He adds: "We are sitting on a group of (chromite) deposits that compare favourably with the best in the world. If things can turn around and companies can raise money again, then there's going to be more drilling up there and that's going to result in a lot more discoveries."
It will also add more horses to the derby.
---------
What Is Chromite?
Chromite is a dark black industrial mineral in its raw form that is mined to produce ferrochromium alloys or chromium, key to stainless steel production. It takes 2.5 tonnes of chromite to make 1 tonne of ferrochrome, a steel-gray metal similar to platinum in terms of lustre.
Ferrochrome is alloyed with steel to make it more resistant to corrosion by making it harder. There is no good alternative for ferrochrome in the manufacture of steel.
Ferrochrome is also used to make heat-resistant steel. "Superalloys" use chromium and have strategic military applications. Chromium also has some use in the manufacture of certain chemicals and in the textile industry.
Commercial chromite deposits occur mainly in two forms: stratiform deposits are in layers and podiform deposits are usually found in lenses.
---------
Geology
the ring of fire is a fairly new camp. It has seen only limited drilling since the Canadian Geological Survey flew an airborne electromagnetic survey over the vast, swampy region in 1957. Given the circumstances, geology in the Ring is only somewhat understood. What is known is that the basement complex is comprised of greenstone rocks that could be an extension of the Archean-aged Sachigo greenstone belt.
Camp geologists posit that at some point, a regional-scale granodiorite pluton created a doming effect by poking its way into those greenstone rocks. A mafic-ultramafic mantle-derived intrusion, known as the Ring of Fire Intrusion (RFI), settled along the edge of the granodiorite.
Perhaps most noteworthy is that the RFI is magnetically distinct, allowing it to be traced with minor interruptions for many kilometres along the granodiorite margin using ground geophysics.
FANTOMAS
Mining Markets, September 2009 : A Market For Chrome
http://www.miningmarkets.ca/issues/story.aspx?aid=1000344014…
Noront Resources (NOT-V) president and CEO Wes Hanson says the global ferrochrome market is somewhere around 17 million tonnes, while his predecessor and Noront director, Joe Hamilton, believes it's closer to 12 million.
German firm Heinz Pariser Research is forecasting an average ferrochrome price of US$0.79 per lb. and US$1,600 per tonne until 2017. Raw chromite fetches US$200 per tonne.
With global demand of 14.5 million tonnes (the average of the earlier estimates), the global ferrochrome market is worth about US$23.2 billion. A 5% share of that market would be worth US$1.16 billion annually.
Some rough estimates put the chromite tonnage in the Ring of Fire well into the billions but it takes 2.5 tonnes of chromite to make 1 tonne of ferrochrome.
And if you saturate the market with too much production early on, prices will sink and the financial models used to finance development would be rendered useless.
In 2006, South Africa supplied 38% of the world's chromite, with Kazakhstan and India each producing 18%, and Finland, Brazil and China among the largest remaining chromite producing nations.
Most customers, mainly steel mills, which use it as a key component in stainless steel production (chromium is alloyed with steel to make it corrosion resistant or harder) have contracts with chrome suppliers.
The rich chromite deposits in Kazakhstan supply steel mills in Europe and Russia, while deposits in India and Brazil largely supply domestic needs. That leaves the vast chromite fields of South Africa's Bushveld Complex to meet the rest of the world's ferrochrome demands.
"There is no chromite production in North America. The Americans are importing; they are getting their chromite from South Africa," says Donald Hoy, Freewest Resources' (FWR-V) vice-president of exploration.
Cliffs Natural Resources (CLF-N), one of the world's major iron ore pellet suppliers, owns 10% (fully diluted) of Freewest, and almost 20% of KWG Resources (KWG-V). The US$3.2-billion company clearly sees the North American market as the best chance for success.
"I think Cliffs has aspirations of supplying the European and Chinese markets," says Frank Smeenk, president and CEO of KWG Resources. "Cliffs also sees a huge opportunity in this small North American market."
Supply problems have dogged the chromite market in recent years. Hoy says some chromite shipments from South Africa never reach their customers. He believes there is room for another supplier.
"It depends on the quality of your product. There are different qualities of chromite," Hoy says.
"If you can find a really large tonnage of very good quality (chromite) and very good grade, then you may put some people out of business," Hoy predicts.
Hanson sees it differently.
"Realistically, what (size of market share) is a new Canadian (chromite) operation going get in an 'old boys' club? Two per cent, three per cent, four? You'll get the domestic market in the U. S. If you have the right connections, you may get inroads into China," Hanson says. "It looks like it's going to be a difficult market to break into."
Noront's chromite development plan goes something like this: Join the International Chromite Development Association (ICDA); publish a National Instrument 43-101 compliant resource estimate; work out an agreement with the ICDA as to how much chromite Noront could supply the market; establish with chromite buyers that Canadian chromite is excellent quality; develop a chromite brand (similar to the way Canadian diamond miners made Canadian diamonds a luxury brand); and maybe get 10-15% of the market -or 1.2-2 million tonnes per year.
"You have to establish a name brand. You have to be Nike," Hanson says. "Fully understanding that market is very high on our list of things to do."
Noront plans to have a National Instrument 41-101-compliant estimate for its Blackbird 1 and 2 chromite deposits by the end of 2009. The junior has drilled 154 holes and more than 52,000 metres over both deposits.
A chromite-to-iron ratio of 2 to 1 is considered the benchmark to process chromite into ferrochromium in a smelter.
In South Africa the ratios are generally 1.7-1.8 to 1, in Kazakhstan the ratio often exceeds 2 to 1, and at the Proterozoic-aged Kemi mine in Finland the ratio drops to 1.5-1.6 to 1.
Most of the chromite deposits discovered so far in the Ring of Fire report chromite-to-iron ratios of 2 to 1 or better.
Ferrochrome refining requires an electric arc furnace, a massive facility that comes with an equally massive price tag and chews up lots of electricity. Coking coal is also needed to process chromite into various ferrochrome products.
The front-runner location for such a furnace seems to be Thunder Bay, Ont., which has not only surplus electricity due to the shuttering of a handful of local pulp and paper mills, but a deepwater port on Lake Superior.
Another option is building something on James Bay, where there is direct access to the Atlantic Ocean.
Cliffs estimates such a facility would cost US$600 million.
The supply and demand fundamentals for ferrochrome look good, with a shortage being projected for the next 10 years.
Heinz Pariser Research says stainless steel demand is projected to grow by about 6% per year to 2020 with ferrochrome demand growth slightly lower, at 5.2% per year, because of the influence of more recycling.
FANTOMAS
Noront responds to Freewest's failure to provide shareholders with the facts
http://finance.yahoo.com/news/Noront-responds-to-Freewests-c…
TORONTO, Nov. 9 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT - News) believes Freewest's management fails to address the real issues and have left important questions unanswered both in their press release dated November 2, 2009 and in their October 23, 2009 Directors' Circular. The Company realizes the importance of answering these questions and stating the facts correctly for all shareholders concerned:
Freewest claims that the Noront Offer fails to compensate Freewest for
the strategic value of its assets. In fact the reality is:
- Freewest shareholders will continue to benefit from future increases
in value associated with development of the Ring of Fire as they will
own 25% of the combined company
- World class deposits aren't just big they are also low cost and
generate high returns
- The sharing of infrastructure will contribute to making the Ring of
Fire chrome deposits world class and result in the realization of
greater shareholder value
- Blackbird and Black Thor have very similar geological and technical
characteristics
- Black Thor is larger but of lower quality than the Blackbird deposit
- Freewest's comparison of the two deposits is premature as its drill
spacing is too wide to draw any scientifically based conclusions or
to prepare a N1 43-101 compliant technical report inline with
industry standards
- Freewest continues to fail to report results of merit from its non-
Ring of Fire assets
Freewest claims that Noront's chromite strategy is lacking. In fact the
reality is:
- Noront's strategy is not only to develop the Ring of Fire in the
optimal and least dilutive manner, but to ensure that the chrome
deposits are a key part of this strategy;
- Noront is the only Americas member of the International Chromium
Developers Association, a prestigious group dedicated to the
marketing of chromium and all of its ferro alloy products,
developers, and end users.
- Noront is aggressively marketing its chromite potential on a global
basis
- Rationalization of the Ring of Fire will allow reduction of
infrastructure between Eagle's Nest, Blackbird and Black Thor. This
will result in the sharing of infrastructure development capital
costs, economies of scale leading to improved economics, greater
returns and higher shareholder value
Freewest claims that Noront's Offer does not reflect an adequate premium
for control. In fact the reality is:
- Calculating a premium based on the closing price the day before the
announcement of an offer does not take into account any trading
irregularities immediately prior to the offer being made
- A premium calculated over a longer period is more representative of
the actual premium being offered
- Noront's offer implies a 51% premium to the volume weighted average
over the month prior to the offer being made, compared to a 46%
premium paid in recent base metal transactions
- Freewest's chromite deposits are interesting chromite occurrences
whose resource size or grade is yet to be determined in accordance
with NI 43-101 or any other reasonable technical standard
- The assumption that the deposit will be economic and will generate
future revenues is premature and not based on any reasonable tests or
technical evaluations nor supported by an Independent Qualified
Person.
- The argument that Noront has undervalued the assets of Freewest does
not consider the additional expenses that will be incurred to
complete exploration, environmental studies, technical studies,
financing and construction of a mine at Black Thor if the future work
proves technically feasible, environmentally sound and economic.
- The assumption made by Freewest that future exploration and
development successes are a given, and that Noront's offer should pay
for such future successes, fails to recognize the project hurdles as
yet to be cleared by Freewest and the risks associated with the
future exploration and development of the project.
- Freewest has not completed a preliminary resource estimate to any
acceptable technical standard, the argument that Noront's offer is
undervalued since it doesn't allow for the development potential and
future revenues is not reasonable
Freewest claims that the value of Noront is uncertain. In fact the
reality is:
- Continued exploration success at Eagle's Nest suggests the existence
of a reasonably-sized, robust, high-grade nickel, copper and PGM
deposit
- As the project moves up the value development curve, the value of
this deposit should underpin Noront's share price
Freewest claims that it may be difficult for Freewest shareholders to
dispose of Noront shares. In fact the reality is:
- Noront's daily average trading value over the last year has been ten
times more liquid than Freewest's average trading value
- The combined company will be the seventh largest company on the TSX-V
- Compared to the current stand alone situation the above factors
should improve Freewest shareholders ability to sell shares without a
share price impact
Freewest claims that superior proposals or other alternatives may emerge.
In fact the reality is:
- There are no other deals
Freewest Offer
--------------
For more information on the Freewest Offer, please visit Noront's website at www.norontresources.com or contact the Investor Relations Department at Noront at 416 367 1444. Ext 126
Updated Questions and Answers to the Freewest Offer have now been posted to the Noront website.
To tender your Freewest shares, please contact:
Laurel Hill at Laurel Hill Advisory Group
North American Toll Free Phone: 1-888-882-6742
Email: assistance(at)laurelhillag.com
Outside North America, Banks and Brokers Call Collect: 1-416-637-4661
Noront has filed an amended annual information form in order to update the disclosure with respect to certain of its officers from its previously filed annual information form dated September 30, 2009, and has also filed its annual certificates in accordance with National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings, as required
About Noront
Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for the remainder of 2009 and 2010. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com
Wesley (Wes) Hanson
President & Chief Executive Officer
FANTOMAS
http://finance.yahoo.com/news/Noront-responds-to-Freewests-c…
TORONTO, Nov. 9 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT - News) believes Freewest's management fails to address the real issues and have left important questions unanswered both in their press release dated November 2, 2009 and in their October 23, 2009 Directors' Circular. The Company realizes the importance of answering these questions and stating the facts correctly for all shareholders concerned:
Freewest claims that the Noront Offer fails to compensate Freewest for
the strategic value of its assets. In fact the reality is:
- Freewest shareholders will continue to benefit from future increases
in value associated with development of the Ring of Fire as they will
own 25% of the combined company
- World class deposits aren't just big they are also low cost and
generate high returns
- The sharing of infrastructure will contribute to making the Ring of
Fire chrome deposits world class and result in the realization of
greater shareholder value
- Blackbird and Black Thor have very similar geological and technical
characteristics
- Black Thor is larger but of lower quality than the Blackbird deposit
- Freewest's comparison of the two deposits is premature as its drill
spacing is too wide to draw any scientifically based conclusions or
to prepare a N1 43-101 compliant technical report inline with
industry standards
- Freewest continues to fail to report results of merit from its non-
Ring of Fire assets
Freewest claims that Noront's chromite strategy is lacking. In fact the
reality is:
- Noront's strategy is not only to develop the Ring of Fire in the
optimal and least dilutive manner, but to ensure that the chrome
deposits are a key part of this strategy;
- Noront is the only Americas member of the International Chromium
Developers Association, a prestigious group dedicated to the
marketing of chromium and all of its ferro alloy products,
developers, and end users.
- Noront is aggressively marketing its chromite potential on a global
basis
- Rationalization of the Ring of Fire will allow reduction of
infrastructure between Eagle's Nest, Blackbird and Black Thor. This
will result in the sharing of infrastructure development capital
costs, economies of scale leading to improved economics, greater
returns and higher shareholder value
Freewest claims that Noront's Offer does not reflect an adequate premium
for control. In fact the reality is:
- Calculating a premium based on the closing price the day before the
announcement of an offer does not take into account any trading
irregularities immediately prior to the offer being made
- A premium calculated over a longer period is more representative of
the actual premium being offered
- Noront's offer implies a 51% premium to the volume weighted average
over the month prior to the offer being made, compared to a 46%
premium paid in recent base metal transactions
- Freewest's chromite deposits are interesting chromite occurrences
whose resource size or grade is yet to be determined in accordance
with NI 43-101 or any other reasonable technical standard
- The assumption that the deposit will be economic and will generate
future revenues is premature and not based on any reasonable tests or
technical evaluations nor supported by an Independent Qualified
Person.
- The argument that Noront has undervalued the assets of Freewest does
not consider the additional expenses that will be incurred to
complete exploration, environmental studies, technical studies,
financing and construction of a mine at Black Thor if the future work
proves technically feasible, environmentally sound and economic.
- The assumption made by Freewest that future exploration and
development successes are a given, and that Noront's offer should pay
for such future successes, fails to recognize the project hurdles as
yet to be cleared by Freewest and the risks associated with the
future exploration and development of the project.
- Freewest has not completed a preliminary resource estimate to any
acceptable technical standard, the argument that Noront's offer is
undervalued since it doesn't allow for the development potential and
future revenues is not reasonable
Freewest claims that the value of Noront is uncertain. In fact the
reality is:
- Continued exploration success at Eagle's Nest suggests the existence
of a reasonably-sized, robust, high-grade nickel, copper and PGM
deposit
- As the project moves up the value development curve, the value of
this deposit should underpin Noront's share price
Freewest claims that it may be difficult for Freewest shareholders to
dispose of Noront shares. In fact the reality is:
- Noront's daily average trading value over the last year has been ten
times more liquid than Freewest's average trading value
- The combined company will be the seventh largest company on the TSX-V
- Compared to the current stand alone situation the above factors
should improve Freewest shareholders ability to sell shares without a
share price impact
Freewest claims that superior proposals or other alternatives may emerge.
In fact the reality is:
- There are no other deals
Freewest Offer
--------------
For more information on the Freewest Offer, please visit Noront's website at www.norontresources.com or contact the Investor Relations Department at Noront at 416 367 1444. Ext 126
Updated Questions and Answers to the Freewest Offer have now been posted to the Noront website.
To tender your Freewest shares, please contact:
Laurel Hill at Laurel Hill Advisory Group
North American Toll Free Phone: 1-888-882-6742
Email: assistance(at)laurelhillag.com
Outside North America, Banks and Brokers Call Collect: 1-416-637-4661
Noront has filed an amended annual information form in order to update the disclosure with respect to certain of its officers from its previously filed annual information form dated September 30, 2009, and has also filed its annual certificates in accordance with National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings, as required
About Noront
Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for the remainder of 2009 and 2010. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com
Wesley (Wes) Hanson
President & Chief Executive Officer
FANTOMAS
Attention Freewest Shareholders: Receive full and fair value for your Freewest shares by tendering to the Noront Offer today
http://finance.yahoo.com/news/Attention-Freewest-cnw-1216802…
TORONTO, Nov. 10 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT - News) has made a premium Offer to purchase your shares of Freewest Resources Canada Inc. ("Freewest") on the basis of 0.25 of a Noront share for every one (1) of your Freewest shares.
You are encouraged to tender your Freewest shares to the Noront Offer and receive a premium of 51% over the 30 calendar day volume weighted share price ("VWAP") prior to the date we announced our intention to make an offer.
In addition to the substantial premium we are offering for your Freewest shares, our Offer will allow you to continue to benefit from all Ring of Fire upside opportunities and to participate in Noront's high-grade nickel-copper-PGM discoveries and the larger more robust combined chromite assets.
By combining key infrastructure, operational efficiencies, and Noront management's demonstrated expertise in developing world class projects, it will enhance the value of your shares.
Noront's Offer provides the Freewest shareholders with full and fair value, given the early stage of development of Black Thor, and allows Freewest shareholders to realize the potential future value of these assets today and in a manner that is likely to be less dilutive than if Freewest developed Black Thor on its own.
Freewest's shares have only exceeded the October 5, 2009 implied offer price (C$0.3975) for 10 days since the Ring of Fire was discovered in 2007. You should be aware that the Freewest shares are trading at the current levels as a result of Noront's Offer. If our Offer is not accepted, Freewest's shares will likely return to the pre-offer price levels, or less.
This is the ONLY offer that has been made to purchase your Freewest shares and this may be your only chance to receive full value for your investment.
On November 13, 2009 Noront will provide all Freewest Shareholders the opportunity to have their questions answered at a Discussion Luncheon which will be held at The Fairmont Royal York hotel located at 100 Front Street West, Toronto, Ontario in the Territories Room on the MM level. Registration is at 11:30am, lunch at 12:00pm and the presentation will be at 12:30pm. The Luncheon is 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 call in luncheon, please contact Sheena Anderson at the Investor Relations Department at (416) 367 1444 ext 120.
Call in and webcast information for the Discussion Luncheon is as follows:
Local No. 1-416-646-3096
Toll Free No. 1-877-974-0452
Conference ID: 4183213
http://w.on24.com/r.htm?e=177954&s=1&k=59CD5466FB0E6E6EFEF8E…
November 10, 2009
Dear Freewest shareholder:
This letter is intended as a follow-up to the information packet that we sent you earlier in October, which contained Noront's Offer to purchase your shares of Freewest. By this time, we hope you are actively considering tendering your shares to our Offer. Some of Freewest's shareholders have already accepted our Offer and tendered their shares in advance of the scheduled November 18th expiry time.
Noront is offering you 0.25 of a Noront share for every one (1) of your Freewest shares. As of the offer date, our Offer provides a per share value of C$0.3975, representing a 51% premium over the 30 calendar day volume weighted share price prior to the day of our announcement to make an offer(1). Based on the date of this letter, the offer represented a value of C$0.413 per Freewest share or a 57% premium to the same pre-offer 30 day weighted average share price. Based on similar prior Canadian transactions, the premium we are offering you is superior to that of the average premium paid in these transactions as you can see from the chart http://norontresources.com/find/id/26/96. Furthermore, we feel, given the additional funding that needs to be spent to produce a NI 43-101 compliant resource estimate at Black Thor that our offer represents a tremendous opportunity for you to realize some of the value upside of your investment today. At the same time we welcome you to be part of what we view as Canada's next major mining company.
We would also like to highlight to you that Freewest's share price, prior to the announcement of our offer, has only exceeded the implied offer price for 10 days since August 2007 (when Noront originally announced its Ring of Fire discovery). Furthermore, we believe Freewest's improved share price in recent weeks has been driven exclusively by our offer and no other factors. This fact is supported by what we see as Freewest's inability to create value from its Ring of Fire assets.
By adjusting Freewest's share price for its holding in Quest Uranium, the implied value of Freewest's other assets (in particular its Ring of Fire assets) actually decreased over the period of January 11, 2008, the date on which Quest Uranium commenced trading, and October 2, 2009, the last trading day immediately prior to the announcement of our Offer http://norontresources.com/find/id/27/7F.
Accepting our Offer will allow you to realize a significant increase in the value of your Freewest investment, while benefiting from continued ownership in the Ring of Fire.
Beyond the immediate realization of our Offer premium, you, by accepting the Offer, will continue to benefit from all significant developments in the Ring of Fire through your ownership of Noront. By accepting the Offer, the value of your investment will be enhanced by the participation in Noront's existing high-grade Eagle's Nest nickel-copper-platinum-palladium deposit, its recently announced Triple J gold zone, its Blackbird chromite deposit, and its vanadium discovery all located in the Ring of Fire. These assets combined with Freewest's existing Black Thor and Big Daddy chromite assets in the Ring of Fire will further solidify the combined company as the preeminent company in the Ring of Fire and one of the most attractive mineral resource development companies listed in Canada today.
Along with the consolidation of the land positions, Freewest shareholders will benefit from the rationalization of exploration and development activities within the Ring of Fire. This rationalization will help to reduce further dilution for Freewest shareholders through tighter cost controls and will pave the way for the sharing of essential infrastructure and logistics, resulting in higher returns for all projects in the Ring of Fire and economies of scale leading to lower operating costs. Noront's shareholder focused, management team will support the well-funded, enhanced project. More specifically, the combined company will have access to pro-forma combined working capital of approximately C$37m and our seasoned management team with over 120 years of experience, including the involvement in the development or expansion of over 25 global mining and development projects with aggregate capital costs of over US$10 billion.
The combination of an experienced management team, well-funded treasury, and improved project economics significantly enhances the prospects of development for the Ring of Fire - Noront's sole focus! Furthermore, we have been mandated by our Board of Directors to explore and aggressively develop the Ring of Fire in the most optimal and least dilutive manner. In order to accomplish this mandate, we are currently undertaking the following initiatives:
- Consistently and steadily increasing the size of the Eagle One
deposit through a carefully planned, well executed drill program
- We have retained the services of Micon International to provide
Canada's first NI 43-101 compliant chromite resource estimate for our
Blackbird chromite deposit expected to be released this quarter
- Currently, four drills are defining the extents of the mineralization
at Eagle's Nest and a fifth drill is actively testing the AT-12
nickel-copper sulphide target
- We announced on November 2, 2009 that Noront has retained SNC Lavalin
to complete an Infrastructure and Transportation Study of our Ring of
Fire Assets
- We have established a First Nations Advisory Committee to assist the
company in developing targeted programs and initiatives to increase
First Nations participation in the Ring of Fire development.
For all the reasons stated above, we feel our offer provides you with significant immediate value and the potential to benefit from all significant developments in the Ring of Fire. As such, we believe you will find our offer compelling and, if you have not yet tendered your shares, we urge you to do so before our offer expires on November 18, 2009. Noront cautions you that by failing to tender your shares you may lose the opportunity to realize a premium and to take part in the potential upside associated with the Ring of Fire.
Sincerely,
Wesley (Wes) Hanson
President and Chief Executive Officer
Noront Resources
http://finance.yahoo.com/news/Attention-Freewest-cnw-1216802…
TORONTO, Nov. 10 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT - News) has made a premium Offer to purchase your shares of Freewest Resources Canada Inc. ("Freewest") on the basis of 0.25 of a Noront share for every one (1) of your Freewest shares.
You are encouraged to tender your Freewest shares to the Noront Offer and receive a premium of 51% over the 30 calendar day volume weighted share price ("VWAP") prior to the date we announced our intention to make an offer.
In addition to the substantial premium we are offering for your Freewest shares, our Offer will allow you to continue to benefit from all Ring of Fire upside opportunities and to participate in Noront's high-grade nickel-copper-PGM discoveries and the larger more robust combined chromite assets.
By combining key infrastructure, operational efficiencies, and Noront management's demonstrated expertise in developing world class projects, it will enhance the value of your shares.
Noront's Offer provides the Freewest shareholders with full and fair value, given the early stage of development of Black Thor, and allows Freewest shareholders to realize the potential future value of these assets today and in a manner that is likely to be less dilutive than if Freewest developed Black Thor on its own.
Freewest's shares have only exceeded the October 5, 2009 implied offer price (C$0.3975) for 10 days since the Ring of Fire was discovered in 2007. You should be aware that the Freewest shares are trading at the current levels as a result of Noront's Offer. If our Offer is not accepted, Freewest's shares will likely return to the pre-offer price levels, or less.
This is the ONLY offer that has been made to purchase your Freewest shares and this may be your only chance to receive full value for your investment.
On November 13, 2009 Noront will provide all Freewest Shareholders the opportunity to have their questions answered at a Discussion Luncheon which will be held at The Fairmont Royal York hotel located at 100 Front Street West, Toronto, Ontario in the Territories Room on the MM level. Registration is at 11:30am, lunch at 12:00pm and the presentation will be at 12:30pm. The Luncheon is 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 call in luncheon, please contact Sheena Anderson at the Investor Relations Department at (416) 367 1444 ext 120.
Call in and webcast information for the Discussion Luncheon is as follows:
Local No. 1-416-646-3096
Toll Free No. 1-877-974-0452
Conference ID: 4183213
http://w.on24.com/r.htm?e=177954&s=1&k=59CD5466FB0E6E6EFEF8E…
November 10, 2009
Dear Freewest shareholder:
This letter is intended as a follow-up to the information packet that we sent you earlier in October, which contained Noront's Offer to purchase your shares of Freewest. By this time, we hope you are actively considering tendering your shares to our Offer. Some of Freewest's shareholders have already accepted our Offer and tendered their shares in advance of the scheduled November 18th expiry time.
Noront is offering you 0.25 of a Noront share for every one (1) of your Freewest shares. As of the offer date, our Offer provides a per share value of C$0.3975, representing a 51% premium over the 30 calendar day volume weighted share price prior to the day of our announcement to make an offer(1). Based on the date of this letter, the offer represented a value of C$0.413 per Freewest share or a 57% premium to the same pre-offer 30 day weighted average share price. Based on similar prior Canadian transactions, the premium we are offering you is superior to that of the average premium paid in these transactions as you can see from the chart http://norontresources.com/find/id/26/96. Furthermore, we feel, given the additional funding that needs to be spent to produce a NI 43-101 compliant resource estimate at Black Thor that our offer represents a tremendous opportunity for you to realize some of the value upside of your investment today. At the same time we welcome you to be part of what we view as Canada's next major mining company.
We would also like to highlight to you that Freewest's share price, prior to the announcement of our offer, has only exceeded the implied offer price for 10 days since August 2007 (when Noront originally announced its Ring of Fire discovery). Furthermore, we believe Freewest's improved share price in recent weeks has been driven exclusively by our offer and no other factors. This fact is supported by what we see as Freewest's inability to create value from its Ring of Fire assets.
By adjusting Freewest's share price for its holding in Quest Uranium, the implied value of Freewest's other assets (in particular its Ring of Fire assets) actually decreased over the period of January 11, 2008, the date on which Quest Uranium commenced trading, and October 2, 2009, the last trading day immediately prior to the announcement of our Offer http://norontresources.com/find/id/27/7F.
Accepting our Offer will allow you to realize a significant increase in the value of your Freewest investment, while benefiting from continued ownership in the Ring of Fire.
Beyond the immediate realization of our Offer premium, you, by accepting the Offer, will continue to benefit from all significant developments in the Ring of Fire through your ownership of Noront. By accepting the Offer, the value of your investment will be enhanced by the participation in Noront's existing high-grade Eagle's Nest nickel-copper-platinum-palladium deposit, its recently announced Triple J gold zone, its Blackbird chromite deposit, and its vanadium discovery all located in the Ring of Fire. These assets combined with Freewest's existing Black Thor and Big Daddy chromite assets in the Ring of Fire will further solidify the combined company as the preeminent company in the Ring of Fire and one of the most attractive mineral resource development companies listed in Canada today.
Along with the consolidation of the land positions, Freewest shareholders will benefit from the rationalization of exploration and development activities within the Ring of Fire. This rationalization will help to reduce further dilution for Freewest shareholders through tighter cost controls and will pave the way for the sharing of essential infrastructure and logistics, resulting in higher returns for all projects in the Ring of Fire and economies of scale leading to lower operating costs. Noront's shareholder focused, management team will support the well-funded, enhanced project. More specifically, the combined company will have access to pro-forma combined working capital of approximately C$37m and our seasoned management team with over 120 years of experience, including the involvement in the development or expansion of over 25 global mining and development projects with aggregate capital costs of over US$10 billion.
The combination of an experienced management team, well-funded treasury, and improved project economics significantly enhances the prospects of development for the Ring of Fire - Noront's sole focus! Furthermore, we have been mandated by our Board of Directors to explore and aggressively develop the Ring of Fire in the most optimal and least dilutive manner. In order to accomplish this mandate, we are currently undertaking the following initiatives:
- Consistently and steadily increasing the size of the Eagle One
deposit through a carefully planned, well executed drill program
- We have retained the services of Micon International to provide
Canada's first NI 43-101 compliant chromite resource estimate for our
Blackbird chromite deposit expected to be released this quarter
- Currently, four drills are defining the extents of the mineralization
at Eagle's Nest and a fifth drill is actively testing the AT-12
nickel-copper sulphide target
- We announced on November 2, 2009 that Noront has retained SNC Lavalin
to complete an Infrastructure and Transportation Study of our Ring of
Fire Assets
- We have established a First Nations Advisory Committee to assist the
company in developing targeted programs and initiatives to increase
First Nations participation in the Ring of Fire development.
For all the reasons stated above, we feel our offer provides you with significant immediate value and the potential to benefit from all significant developments in the Ring of Fire. As such, we believe you will find our offer compelling and, if you have not yet tendered your shares, we urge you to do so before our offer expires on November 18, 2009. Noront cautions you that by failing to tender your shares you may lose the opportunity to realize a premium and to take part in the potential upside associated with the Ring of Fire.
Sincerely,
Wesley (Wes) Hanson
President and Chief Executive Officer
Noront Resources
hier in deutsch
11.11.2009 15:54
Achtung Freewest-Aktionäre: Erhalten Sie einen umfassenden und fairen Wert für Ihre Freewest-Aktien, indem Sie noch heute Ihre Aktien dem Angebot von Noront andienen
Toronto, November 11 (ots/PRNewswire) -
Symbol: NOT:TSX-V Ausstehende Aktien: 163.781.957 Voll verwässert: 173.461.957
Noront Resources Ltd. ("Noront" oder das "Unternehmen") (TSX Venture: NOT) hat ein erstklassiges Angebot zum Kauf Ihrer Aktien von Freewest Resources Canada Inc. ("Freewest") abgegeben - und zwar auf der Grundlage von 0,25 einer Noront-Aktie für jeweils eine (1) Ihrer Freewest-Aktien.
Sie werden dazu aufgefordert, Ihre Freewest-Aktien dem Noront-Angebot anzudienen, um ein Aufgeld von 51% gegenüber dem 30 Kalendertage volumengewichteten Durchschnittskurs ("VWAP")vor dem Datum, an dem wir unsere Absicht für die Abgabe eines Angebots bekannt machten, zu erhalten.
Zusätzlich zu dem beträchtlichen Aufgeld, das wir für Ihre Freewest- Aktien anbieten, gestattet Ihnen unser Angebot von allen Ring of Fire Möglichkeiten zu profitieren und an Noronts hochgradigen Nickel-Kupfer-PGM- Funden und den grösseren, robusteren Chromverbindungen beteiligt zu werden.
Durch die Zusammenlegung der Hauptinfrastruktur, Betriebseffizienz und dank der Sachkenntnis von Noronts Management bezüglich der Entwicklung von erstklassigen Projekten, wird dies den Wert Ihrer Aktien erhöhen.
Angesichts der Tatsache, dass sich die Erschliessung von Black Thor noch in der Anfangsphase befindet, bietet Noronts Angebot den Freewest-Aktionären einen umfassenden und fairen Wert und ermöglicht es den Freewest-Aktionären bereits heute den zukünftigen potenziellen Wert dieser Vermögenswerte zu realisieren, und dies in einer Weise, die voraussichtlich nicht so verwässernd ist, wie wenn Freewest die Erschliessung von Black Thor selbst übernehmen würde.
Seit der Entdeckung des Ring of Fire im Jahre 2007, haben Freewests Aktien nur 10 Tage den implizierten Angebotspreis (0,3975CAD) vom 5. Oktober 2009 überschritten. Sie sollten sich darüber im Klaren sein, dass die Freewest-Aktien nur infolge des Angebots durch Noront auf ihrem derzeitigen Kurs gehandelt werden. Sollte unser Angebot nicht angenommen werden, werden die Freewest-Aktien wahrscheinlich wieder auf die Preishöhe vor dem Angebot oder sogar noch darunter zurückfallen.
Dies ist das EINZIGE Angebot, das gemacht wurde, um Ihre Freewest-Aktien zu kaufen, und es könnte Ihre einzige Chance sein, den vollen Wert für Ihre Investition zu erhalten.
Am 13. November 2009 wird Noront allen Freewest-Aktionären die Gelegenheit bieten, auf einem Discussion Luncheon (Vortrag mit Mittagessen) eine Antwort auf alle ihre Fragen zu erhalten. Stattfinden wird das ganze im Territories Room (Etage MM)des Fairmont Royal York Hotels, das sich in der 100 Front Street West, Toronto, Ontario befindet. Die Anmeldung beginnt um 11.30 Uhr, das Mittagessen findet um 12 Uhr und der Vortrag um 12.30 statt. Teilnahme am Mittagessen ist nur mit Einladung möglich; es gibt jedoch für alle Aktionäre reichlich Gelegenheit in einer offenen Audiositzung nach dem Vortrag und während des Frage- und Antwort-Abschnitts vorbeizukommen und Wes Hanson Fragen bezüglich des Angebots zu stellen. Bitte kontaktieren Sie Sheena Anderson vom Investor Relations Department unter: (416) 367 1444, Durchwahl 120, wenn Sie noch Fragen zu dem Mittagessen haben sollten.
"Call in" und Webcast-Informationen für das Discussion Luncheon erhalten Sie hier:
Lokale Rufnummer: 1-416-646-3096 Gebührenfreie Nummer: 1-877-974-0452 Konferenz-ID: 4183213
http://w.on24.com/r.htm?e=177954&s=1&k=59CD5466FB0E6E6EFEF8E… EB8034 10. November 2009 Sehr geehrte Freewest-Aktionäre: Dieser Brief ist die Fortsetzung des Informationsangebots, das wir Ihnen bereits im Oktober zukommen liessen und das Noronts Angebot enthielt, Ihre Freewest-Aktien zu erwerben. Wir hoffen nun, dass Sie es aktiv in Betracht ziehen, Ihre Aktien unserem Angebot anzudienen. Einige der Freewest-Aktionäre haben unser Angebot bereits angenommen und ihre Aktien vor dem festgesetzten Annahmefrist (18. November) veräussert. Noront bietet Ihnen 0,25 einer Noront-Aktie für eine (1) Ihrer Freewest- Aktien. Mit Wirkung vom Angebotsdatum bietet unser Angebot Ihnen einen Wert von 0,3975CAD für jede Aktie. Dies entspricht einem Aufpreis von 51% gegenüber dem Durchschnittskurs vor dem Tag, an dem wir unsere Absicht für die Abgabe eines Angebots bekannt machten(1). Basierend auf das Datum dieses Briefs repräsentiert das Angebot einen Wert von 0,413CAD pro Freewest-Aktie oder einen Aufpreis von 57% auf den selben 30 tägigen gewichteten Durchschnittskurs des Vorangebots. Das Aufgeld, das wir Ihnen anbieten, ist basierend auf ähnliche vorherige kanadische Transaktionen besser als das durchschnittliche Aufgeld, das in diesen Transaktionen gezahlt wurde, wie Sie dieser Grafik entnehmen können: http://norontresources.com/find/id/26/96. Darüber hinaus sind wir der Meinung, dass angesichts der zusätzlichen Geldmittel, die aufgebracht werden müssen, um eine NI 43-101 konforme Rohstoffschätzung auf Black Thor anzufertigen, unser Angebot eine enorme Chance für Sie darstellt, weil Sie einige der Vorteile Ihrer Investition bereits heute realisieren können. Wir sind davon überzeugt, dass wir Kanadas nächstes grosses Bergbauunternehmen sein werden und möchten Sie dazu einladen, auch ein Teil davon zu werden.
Wir möchten Sie ausserdem darauf hinweisen, dass Freewests Aktienkurs seit August 2007 (als Noront ursprünglich über sein Ring of Fire Vorkommen berichtete) nur einmal vor Bekanntgabe unseres Angebots 10 Tage lang den implizierten Angebotspreis übertreffen konnte. Wir glauben zudem, dass Freewests besserer Aktienkurs in den vergangenen Wochen ausschliesslich durch unser Angebot und nicht durch irgendwelche anderen Faktoren nach oben getrieben wurde. Diese Tatsache wird noch dadurch unterstützt, dass Freewest nicht dazu in der Lage zu sein scheint, Wert aus ihren Ring of Fire Assets zu schaffen.
Durch das Anpassen des Aktienkurses für ihre Beteiligung an Quest Uranium verringerte sich der implizierte Wert von Freewests anderen Assets (besonders ihre Ring of Fire Assets) tatsächlich während der Zeit vom 11. Januar 2008 (Tag der Handelsaufnahme von Quest Uranium) und dem 2. Oktober 2009 (letzter Handelstag direkt vor Bekanntgabe unseres Angebots) http://norontresources.com/find/id/27/7F.
Die Annahme unseres Angebots gestattet es Ihnen, eine bedeutende Wertsteigerung Ihres Freewest-Investments zu erzielen, während Sie gleichzeitig von Ihrem fortlaufenden Mitbesitz am Ring of Fire profitieren.
Durch Ihre Akzeptanz des Angebots, werden Sie durch Ihre Miteigentümerschaft an Noront unmittelbar nach der Realisierung unseres Angebots weiterhin von allen bedeutenden Entwicklungen am Ring of Fire profitieren. Sobald Sie das Angebot angenommen haben, wird der Wert Ihrer Investition gesteigert durch die Beteiligung an Noronts vorhandener hochwertiger Eagle's Nest Nickel-Kupfer-Platinum-Palladium-Lagerstätte, ihrer kürzlich bekannt gegebenen Triple J Goldzone, der Blackbird Chromit- Lagerstätte und ihrem Vanadium-Vorkommen, die sich alle am Ring of Fire befinden. Diese Assets - kombiniert mit Freewests bereits vorhandenen Black Thor und Big Daddy Chromit-Assets am Ring of Fire - werden das gemeinsame Unternehmen noch stärker als hervorragendes Unternehmen am Ring of Fire und als eines der attraktivsten Mineralrohstoff-Entwicklungsunternehmen, die heute in Kanada an der Börse notiert sind, festigen.
Zusammen mit der Zusammenlegung der Lagerstätten werden Freewest- Aktionäre auch von der Rationalisierung der Explorations- und Entwicklungsaktivitäten innerhalb des Ring of Fire profitieren. Diese Rationalisierung wird dabei helfen, durch strengere Kostenkontrollen eine weitere Verwässerung für Freewest-Aktionäre zu reduzieren und wird den Weg ebnen für die gemeinsame Nutzung der grundlegenden Infrastruktur und Logistik, was schliesslich zu höheren Erträgen für alle Projekte am Ring of Fire und Wirtschaftlichkeit führen wird, die niedrigere Betriebskosten verursacht. Noronts Management-Team, das sich ganz auf die Aktionäre konzentriert, wird das gut abgesicherte und erweiterte Projekt unterstützen. Genauer gesagt: Das kombinierte Unternehmen wird über ein gemeinsames Proforma-Betriebskapital von ca. 37 Millionen CAD verfügen und über unser erfahrenes Team, das zusammen über 120 Jahre Erfahrung besitzt - einschliesslich der Beteiligung in der Entwicklung und Ausdehnung von über 25 globalen Bergbau- und Entwicklungsprojekten mit Investitionskosten von insgesamt über 10 Milliarden USD.
Die Kombination eines erfahrenen Management-Teams, einer kapitalkräftigen Finanzabteilung und einer verbesserten Projektwirtschaft verbessern die Entwicklungsperspektiven des Ring of Fire beträchtlich - Noronts wichtigstes Unterfangen! Darüber hinaus wurden wir von unserem Aufsichtsrat beauftragt, den Ring of Fire zu erkunden und aggressiv zu erschliessen - und zwar in einer optimalen und am wenigsten verwässernden Art und Weise. Damit wir diesen Auftrag auch erfüllen können unternehmen wir zurzeit die folgenden Initiativen:
- Dank eines sorgfältig geplanten und gut durchgeführten Bohrprogramms vergrössern wir stetig und kontinuierlich den Umfang unserer Eagle One Lagerstätte
- Wir haben Micon International engagiert, um Kanadas erste NI 43-101 konforme Chromit-Rohstoffschätzung für unsere Chromit-Lagerstätte zu liefern, die wahrscheinlich dieses Quartal veröffentlicht wird.
- Derzeit bestimmen vier Bohrungen die Ausmasse der Mineralisierung am Eagle's Nest und eine fünfte testet aktiv das AT-12 Nickel-Kupfer-Sulfid- Zielobjekt.
- Wir gaben am 2. November 2009 bekannt, dass wir SNC Lavalin engagiert hatten, um eine Infrastruktur- und Transport-Studie unserer Ring of Fire Assets abzuschliessen.
- Wir haben ein First Nations Advisory Committee gegründet, das dabei helfen soll, das Unternehmen bei der Entwicklung von Programmen und Initiativen zu unterstützen, um die Teilnahme der First Nation am Ring of Fire Projekt zu vergrössern.
Aufgrund der oben genannten Gründe sind wir der Ansicht, dass unser Angebot Ihnen umgehend einen bedeutenden Wert und das Potenzial bietet, von allen bedeutenden Entwicklungen am Ring of Fire zu profitieren. Von daher glauben wir, dass Sie unser Angebot unwiderstehlich finden werden und falls Sie Ihre Aktien bisher noch nicht veräussert haben sollten, dann raten wir Ihnen nunmehr dringend, dies vor Ablauf der Annahmefrist für unser Angebot (18. November 2009) zu tun. Noront möchte Sie warnen, dass Sie durch das Versäumnis Ihre Aktien zu veräussern, eventuell die Chance verpassen, ein Aufgeld zu erhalten und am potenziellen Vorteil - im Zusammenhang mit dem Ring of Fire - teilzuhaben.
Mit freundlichen Grüssen, Wesley (Wes) Hanson President and Chief Executive Officer Noront Resources FÜR HILFE BEI DER VERÄUSSERUNG IHRER AKTIEN KONTAKTIEREN SIE BITTE LAUREL HILL ------------------------------------------------ Laurel Hill Advisory Group New York - Toronto - San Francisco - Vancouver ------------------------------------------------ --------------------------------------------------- NORDAMERIKA, GEBÜHRENFREIE NUMMER UNTER 1-888-882-6742, BANKEN UND BROKER - R-GESPRÄCH UNTER 1-416-637-4661 ODER KONSULTIEREN SIE IHREN FINANZBERATER. ---------------------------------------------------
Über Noront
Noront Resources konzentriert sich auf seine beachtlichen mehrfachen Funde von hochwertigem Nickel-Kupfer-Platinum-Palladium, Chrom und Vanadium im so genannten "Ring of Fire", einem Gebiet mit Multimetallen in den James Bay Lowlands von Ontario, Kanada. Noront ist der grösste Grundeigentümer im Ring-of-Fire und umgrenzt und belegt seine Funde auch weiterhin mit NI 43-101 Technik- und Wirtschaftsberichten und einem aggressiven und gut finanzierten Bohrungsplan für den Rest des Jahres 2009 und für 2010. Alle wichtigen Informationen über Noront erhalten Sie auf deren Website http://www.norontresources.com oder bei SEDAR auf http://www.sedar.com
Wesley (Wes) Hanson
President&Chief Executive Officer
ZUKUNFTSWEISENDE AUSSAGEN
Diese Pressemitteilung enthält "zukunftsweisende Aussagen" im Rahmen der geltenden kanadischen Wertpapiergesetze, einschliesslich Voraussagen, Prognosen und Vorhersagen. Zukunftsweisende Aussagen umfassen insbesondere Aussagen, die Aktivitäten, Ereignisse oder Entwicklungen betreffen, von denen das Unternehmen erwartet oder annimmt, dass sie sich in Zukunft ereignen werden oder könnten und betreffen zum Beispiel zukünftige Geschäftsstrategien, Wettbewerbsstärken, Ziele, Expansionen, Wachstum der Geschäftsbereiche des Unternehmens, Betrieb, Pläne und, in Bezug auf die Explorationsergebnisse, Einhaltung der Zeitvorgaben sowie Erfolg von Explorationsarbeiten im Allgemeinen, den zeitlichen Rahmen für Zulassungen, behördliche Richtlinien für Explorations- und Bergbau-Tätigkeiten, Umweltrisiken, Besitzrechtstreitigkeiten oder -ansprüche, Einschränkungen des Versicherungsschutzes, den zeitlichen Verlauf und mögliche Ergebnisse eventuell anhängiger Gerichtsverfahren sowie zukünftiger Ressourcenschätzungen bzw. zukünftiger, wirtschaftlicher Studien.
Häufig, jedoch nicht immer, kann man zukunftsweisende Aussagen an der verwendeten Terminologie erkennen, beispielsweise "plant", "planen", "geplant", "erwartet" oder "sich darauf freuen", "erwartet Nicht", "fährt fort", "vorgesehen", "schätzt", "prognostiziert", "beabsichtigt", "potenziell", "nimmt an", "nimmt nicht an" oder "glauben" oder es wird ein "Ziel" beschrieben oder die Variation solcher Wörter und Sätze, oder sie sagen aus, dass bestimmte Massnahmen, Ereignisse oder Ergebnisse getroffen, eintreten oder erreicht "werden", "können", "könnten", "würden" oder "dürften".
Zukunftsweisende Aussagen basieren auf mehreren materiellen Faktoren und Annahmen, beispielsweise Bohrungs- und Explorationsaktivitäten, dass unter Vertrag stehende Parteien Waren bzw. Dienstleistungen zu den vereinbarten Zeiträumen anbieten, dass die für die Erkundungsarbeiten notwendige Ausrüstung so wie geplant rechtzeitig zur Verfügung steht und keine unvorhergesehenen Betriebsausfälle hervorruft, dass kein Mangel an Arbeitskräften herrscht oder Verzögerungen auftreten, dass Anlagen und Ausrüstung wie angegeben funktionieren, dass keine ungewöhnlichen geologischen oder technischen Probleme auftreten und dass das Labor und andere damit zusammenhängende Dienstleister verfügbar sind und so arbeiten wie vertraglich vereinbart. Zukunftsweisende Aussagen beinhalten bekannte und unbekannte Risiken, zukünftige Ereignisse, Bedingungen, Ungewissheiten und andere Faktoren, die bewirken können, dass sich die tatsächlichen Ergebnisse, Leistungen oder Erfolge erheblich von anderen zukünftigen Ergebnissen, Voraussagen, Prognosen, Vorhersagen, Leistungen oder Erfolgen unterscheiden, die in den vorausschauenden Aussagen geäussert oder angedeutet wurden. Zu diesen Faktoren gehören u.a. die Interpretation und die tatsächlichen Ergebnisse von aktuellen Erkundungsaktivitäten; Veränderungen von Projektparametern, während die Pläne weiterhin präzisiert werden; die zukünftigen Goldpreise; mögliche Schwankungen in Qualitäts- und Erlösquoten; Defekte der Ausrüstung oder bei Prozessen, die nicht wie geplant funktioniert haben; der Ausfall von Leistungen der unter Vertrag stehenden Parteien; Lohnstreitigkeiten und andere Risiken in der Bergbauindustrie; Verzögerungen in der Einholung von behördlichen Zulassungen oder der Finanzierung oder beim Abschluss von Erkundungsarbeiten sowie die Faktoren, die in den öffentlich eingereichten Dokumenten des Unternehmens offengelegt wurden. Obwohl Noront versucht hat, wichtige Faktoren, die bewirken können, dass tatsächliche Handlungen, Ereignisse oder Ergebnisse wesentlich von den in den zukunftsweisenden Aussagen beschriebenen abweichen können, zu bestimmen, kann es andere Faktoren geben, die Handlungen, Ereignisse oder Ergebnisse bewirken, die nicht so ausfallen, wie vorausgesehen, geschätzt oder geplant. Es können keine Garantien dafür übernommen werden, dass sich zukunftsweisende Aussagen als zutreffend herausstellen werden, da sich die tatsächlichen Ergebnisse und zukünftigen Ereignisse wesentlich von den in den Aussagen vorausgesagten unterscheiden können. Folglich sollten sich die Leser nicht übergebührlich auf die zukunftsweisenden Aussagen verlassen.
Weder TSX Venture Exchange noch ihr aufsichtsrechtlicher Dienstleister (Regulation Services Provider, im Sinne der Definition dieses Begriffes in den Richtlinien des TSX Venture Exchange) übernehmen die Verantwortung für die Angemessenheit bzw. Richtigkeit der Angaben in dieser Mitteilung.
Weitere Informationen in Bezug auf dieses Angebot erhalten Sie von: Wes Hanson, President und Chief Executive Officer oder von Joanne Jobin, Vice President Corporate Communications unter +1-416-367-1444, oder besuchen Sie Noronts Website auf: http://www.norontresources.com
Originaltext: Noront Resources Ltd. Digitale Pressemappe: http://www.presseportal.de/pm/73832 Pressemappe via RSS : http://www.presseportal.de/rss/pm_73832.rss2
Pressekontakt: Weitere Informationen in Bezug auf dieses Angebot erhalten Sie von: Wes Hanson, President und Chief Executive Officer oder von Joanne Jobin, Vice President Corporate Communications unter +1-416-367-1444, oder besuchen Sie Noronts Website auf: http://www.norontresources.com
© 2009 news aktuell
11.11.2009 15:54
Achtung Freewest-Aktionäre: Erhalten Sie einen umfassenden und fairen Wert für Ihre Freewest-Aktien, indem Sie noch heute Ihre Aktien dem Angebot von Noront andienen
Toronto, November 11 (ots/PRNewswire) -
Symbol: NOT:TSX-V Ausstehende Aktien: 163.781.957 Voll verwässert: 173.461.957
Noront Resources Ltd. ("Noront" oder das "Unternehmen") (TSX Venture: NOT) hat ein erstklassiges Angebot zum Kauf Ihrer Aktien von Freewest Resources Canada Inc. ("Freewest") abgegeben - und zwar auf der Grundlage von 0,25 einer Noront-Aktie für jeweils eine (1) Ihrer Freewest-Aktien.
Sie werden dazu aufgefordert, Ihre Freewest-Aktien dem Noront-Angebot anzudienen, um ein Aufgeld von 51% gegenüber dem 30 Kalendertage volumengewichteten Durchschnittskurs ("VWAP")vor dem Datum, an dem wir unsere Absicht für die Abgabe eines Angebots bekannt machten, zu erhalten.
Zusätzlich zu dem beträchtlichen Aufgeld, das wir für Ihre Freewest- Aktien anbieten, gestattet Ihnen unser Angebot von allen Ring of Fire Möglichkeiten zu profitieren und an Noronts hochgradigen Nickel-Kupfer-PGM- Funden und den grösseren, robusteren Chromverbindungen beteiligt zu werden.
Durch die Zusammenlegung der Hauptinfrastruktur, Betriebseffizienz und dank der Sachkenntnis von Noronts Management bezüglich der Entwicklung von erstklassigen Projekten, wird dies den Wert Ihrer Aktien erhöhen.
Angesichts der Tatsache, dass sich die Erschliessung von Black Thor noch in der Anfangsphase befindet, bietet Noronts Angebot den Freewest-Aktionären einen umfassenden und fairen Wert und ermöglicht es den Freewest-Aktionären bereits heute den zukünftigen potenziellen Wert dieser Vermögenswerte zu realisieren, und dies in einer Weise, die voraussichtlich nicht so verwässernd ist, wie wenn Freewest die Erschliessung von Black Thor selbst übernehmen würde.
Seit der Entdeckung des Ring of Fire im Jahre 2007, haben Freewests Aktien nur 10 Tage den implizierten Angebotspreis (0,3975CAD) vom 5. Oktober 2009 überschritten. Sie sollten sich darüber im Klaren sein, dass die Freewest-Aktien nur infolge des Angebots durch Noront auf ihrem derzeitigen Kurs gehandelt werden. Sollte unser Angebot nicht angenommen werden, werden die Freewest-Aktien wahrscheinlich wieder auf die Preishöhe vor dem Angebot oder sogar noch darunter zurückfallen.
Dies ist das EINZIGE Angebot, das gemacht wurde, um Ihre Freewest-Aktien zu kaufen, und es könnte Ihre einzige Chance sein, den vollen Wert für Ihre Investition zu erhalten.
Am 13. November 2009 wird Noront allen Freewest-Aktionären die Gelegenheit bieten, auf einem Discussion Luncheon (Vortrag mit Mittagessen) eine Antwort auf alle ihre Fragen zu erhalten. Stattfinden wird das ganze im Territories Room (Etage MM)des Fairmont Royal York Hotels, das sich in der 100 Front Street West, Toronto, Ontario befindet. Die Anmeldung beginnt um 11.30 Uhr, das Mittagessen findet um 12 Uhr und der Vortrag um 12.30 statt. Teilnahme am Mittagessen ist nur mit Einladung möglich; es gibt jedoch für alle Aktionäre reichlich Gelegenheit in einer offenen Audiositzung nach dem Vortrag und während des Frage- und Antwort-Abschnitts vorbeizukommen und Wes Hanson Fragen bezüglich des Angebots zu stellen. Bitte kontaktieren Sie Sheena Anderson vom Investor Relations Department unter: (416) 367 1444, Durchwahl 120, wenn Sie noch Fragen zu dem Mittagessen haben sollten.
"Call in" und Webcast-Informationen für das Discussion Luncheon erhalten Sie hier:
Lokale Rufnummer: 1-416-646-3096 Gebührenfreie Nummer: 1-877-974-0452 Konferenz-ID: 4183213
http://w.on24.com/r.htm?e=177954&s=1&k=59CD5466FB0E6E6EFEF8E… EB8034 10. November 2009 Sehr geehrte Freewest-Aktionäre: Dieser Brief ist die Fortsetzung des Informationsangebots, das wir Ihnen bereits im Oktober zukommen liessen und das Noronts Angebot enthielt, Ihre Freewest-Aktien zu erwerben. Wir hoffen nun, dass Sie es aktiv in Betracht ziehen, Ihre Aktien unserem Angebot anzudienen. Einige der Freewest-Aktionäre haben unser Angebot bereits angenommen und ihre Aktien vor dem festgesetzten Annahmefrist (18. November) veräussert. Noront bietet Ihnen 0,25 einer Noront-Aktie für eine (1) Ihrer Freewest- Aktien. Mit Wirkung vom Angebotsdatum bietet unser Angebot Ihnen einen Wert von 0,3975CAD für jede Aktie. Dies entspricht einem Aufpreis von 51% gegenüber dem Durchschnittskurs vor dem Tag, an dem wir unsere Absicht für die Abgabe eines Angebots bekannt machten(1). Basierend auf das Datum dieses Briefs repräsentiert das Angebot einen Wert von 0,413CAD pro Freewest-Aktie oder einen Aufpreis von 57% auf den selben 30 tägigen gewichteten Durchschnittskurs des Vorangebots. Das Aufgeld, das wir Ihnen anbieten, ist basierend auf ähnliche vorherige kanadische Transaktionen besser als das durchschnittliche Aufgeld, das in diesen Transaktionen gezahlt wurde, wie Sie dieser Grafik entnehmen können: http://norontresources.com/find/id/26/96. Darüber hinaus sind wir der Meinung, dass angesichts der zusätzlichen Geldmittel, die aufgebracht werden müssen, um eine NI 43-101 konforme Rohstoffschätzung auf Black Thor anzufertigen, unser Angebot eine enorme Chance für Sie darstellt, weil Sie einige der Vorteile Ihrer Investition bereits heute realisieren können. Wir sind davon überzeugt, dass wir Kanadas nächstes grosses Bergbauunternehmen sein werden und möchten Sie dazu einladen, auch ein Teil davon zu werden.
Wir möchten Sie ausserdem darauf hinweisen, dass Freewests Aktienkurs seit August 2007 (als Noront ursprünglich über sein Ring of Fire Vorkommen berichtete) nur einmal vor Bekanntgabe unseres Angebots 10 Tage lang den implizierten Angebotspreis übertreffen konnte. Wir glauben zudem, dass Freewests besserer Aktienkurs in den vergangenen Wochen ausschliesslich durch unser Angebot und nicht durch irgendwelche anderen Faktoren nach oben getrieben wurde. Diese Tatsache wird noch dadurch unterstützt, dass Freewest nicht dazu in der Lage zu sein scheint, Wert aus ihren Ring of Fire Assets zu schaffen.
Durch das Anpassen des Aktienkurses für ihre Beteiligung an Quest Uranium verringerte sich der implizierte Wert von Freewests anderen Assets (besonders ihre Ring of Fire Assets) tatsächlich während der Zeit vom 11. Januar 2008 (Tag der Handelsaufnahme von Quest Uranium) und dem 2. Oktober 2009 (letzter Handelstag direkt vor Bekanntgabe unseres Angebots) http://norontresources.com/find/id/27/7F.
Die Annahme unseres Angebots gestattet es Ihnen, eine bedeutende Wertsteigerung Ihres Freewest-Investments zu erzielen, während Sie gleichzeitig von Ihrem fortlaufenden Mitbesitz am Ring of Fire profitieren.
Durch Ihre Akzeptanz des Angebots, werden Sie durch Ihre Miteigentümerschaft an Noront unmittelbar nach der Realisierung unseres Angebots weiterhin von allen bedeutenden Entwicklungen am Ring of Fire profitieren. Sobald Sie das Angebot angenommen haben, wird der Wert Ihrer Investition gesteigert durch die Beteiligung an Noronts vorhandener hochwertiger Eagle's Nest Nickel-Kupfer-Platinum-Palladium-Lagerstätte, ihrer kürzlich bekannt gegebenen Triple J Goldzone, der Blackbird Chromit- Lagerstätte und ihrem Vanadium-Vorkommen, die sich alle am Ring of Fire befinden. Diese Assets - kombiniert mit Freewests bereits vorhandenen Black Thor und Big Daddy Chromit-Assets am Ring of Fire - werden das gemeinsame Unternehmen noch stärker als hervorragendes Unternehmen am Ring of Fire und als eines der attraktivsten Mineralrohstoff-Entwicklungsunternehmen, die heute in Kanada an der Börse notiert sind, festigen.
Zusammen mit der Zusammenlegung der Lagerstätten werden Freewest- Aktionäre auch von der Rationalisierung der Explorations- und Entwicklungsaktivitäten innerhalb des Ring of Fire profitieren. Diese Rationalisierung wird dabei helfen, durch strengere Kostenkontrollen eine weitere Verwässerung für Freewest-Aktionäre zu reduzieren und wird den Weg ebnen für die gemeinsame Nutzung der grundlegenden Infrastruktur und Logistik, was schliesslich zu höheren Erträgen für alle Projekte am Ring of Fire und Wirtschaftlichkeit führen wird, die niedrigere Betriebskosten verursacht. Noronts Management-Team, das sich ganz auf die Aktionäre konzentriert, wird das gut abgesicherte und erweiterte Projekt unterstützen. Genauer gesagt: Das kombinierte Unternehmen wird über ein gemeinsames Proforma-Betriebskapital von ca. 37 Millionen CAD verfügen und über unser erfahrenes Team, das zusammen über 120 Jahre Erfahrung besitzt - einschliesslich der Beteiligung in der Entwicklung und Ausdehnung von über 25 globalen Bergbau- und Entwicklungsprojekten mit Investitionskosten von insgesamt über 10 Milliarden USD.
Die Kombination eines erfahrenen Management-Teams, einer kapitalkräftigen Finanzabteilung und einer verbesserten Projektwirtschaft verbessern die Entwicklungsperspektiven des Ring of Fire beträchtlich - Noronts wichtigstes Unterfangen! Darüber hinaus wurden wir von unserem Aufsichtsrat beauftragt, den Ring of Fire zu erkunden und aggressiv zu erschliessen - und zwar in einer optimalen und am wenigsten verwässernden Art und Weise. Damit wir diesen Auftrag auch erfüllen können unternehmen wir zurzeit die folgenden Initiativen:
- Dank eines sorgfältig geplanten und gut durchgeführten Bohrprogramms vergrössern wir stetig und kontinuierlich den Umfang unserer Eagle One Lagerstätte
- Wir haben Micon International engagiert, um Kanadas erste NI 43-101 konforme Chromit-Rohstoffschätzung für unsere Chromit-Lagerstätte zu liefern, die wahrscheinlich dieses Quartal veröffentlicht wird.
- Derzeit bestimmen vier Bohrungen die Ausmasse der Mineralisierung am Eagle's Nest und eine fünfte testet aktiv das AT-12 Nickel-Kupfer-Sulfid- Zielobjekt.
- Wir gaben am 2. November 2009 bekannt, dass wir SNC Lavalin engagiert hatten, um eine Infrastruktur- und Transport-Studie unserer Ring of Fire Assets abzuschliessen.
- Wir haben ein First Nations Advisory Committee gegründet, das dabei helfen soll, das Unternehmen bei der Entwicklung von Programmen und Initiativen zu unterstützen, um die Teilnahme der First Nation am Ring of Fire Projekt zu vergrössern.
Aufgrund der oben genannten Gründe sind wir der Ansicht, dass unser Angebot Ihnen umgehend einen bedeutenden Wert und das Potenzial bietet, von allen bedeutenden Entwicklungen am Ring of Fire zu profitieren. Von daher glauben wir, dass Sie unser Angebot unwiderstehlich finden werden und falls Sie Ihre Aktien bisher noch nicht veräussert haben sollten, dann raten wir Ihnen nunmehr dringend, dies vor Ablauf der Annahmefrist für unser Angebot (18. November 2009) zu tun. Noront möchte Sie warnen, dass Sie durch das Versäumnis Ihre Aktien zu veräussern, eventuell die Chance verpassen, ein Aufgeld zu erhalten und am potenziellen Vorteil - im Zusammenhang mit dem Ring of Fire - teilzuhaben.
Mit freundlichen Grüssen, Wesley (Wes) Hanson President and Chief Executive Officer Noront Resources FÜR HILFE BEI DER VERÄUSSERUNG IHRER AKTIEN KONTAKTIEREN SIE BITTE LAUREL HILL ------------------------------------------------ Laurel Hill Advisory Group New York - Toronto - San Francisco - Vancouver ------------------------------------------------ --------------------------------------------------- NORDAMERIKA, GEBÜHRENFREIE NUMMER UNTER 1-888-882-6742, BANKEN UND BROKER - R-GESPRÄCH UNTER 1-416-637-4661 ODER KONSULTIEREN SIE IHREN FINANZBERATER. ---------------------------------------------------
Über Noront
Noront Resources konzentriert sich auf seine beachtlichen mehrfachen Funde von hochwertigem Nickel-Kupfer-Platinum-Palladium, Chrom und Vanadium im so genannten "Ring of Fire", einem Gebiet mit Multimetallen in den James Bay Lowlands von Ontario, Kanada. Noront ist der grösste Grundeigentümer im Ring-of-Fire und umgrenzt und belegt seine Funde auch weiterhin mit NI 43-101 Technik- und Wirtschaftsberichten und einem aggressiven und gut finanzierten Bohrungsplan für den Rest des Jahres 2009 und für 2010. Alle wichtigen Informationen über Noront erhalten Sie auf deren Website http://www.norontresources.com oder bei SEDAR auf http://www.sedar.com
Wesley (Wes) Hanson
President&Chief Executive Officer
ZUKUNFTSWEISENDE AUSSAGEN
Diese Pressemitteilung enthält "zukunftsweisende Aussagen" im Rahmen der geltenden kanadischen Wertpapiergesetze, einschliesslich Voraussagen, Prognosen und Vorhersagen. Zukunftsweisende Aussagen umfassen insbesondere Aussagen, die Aktivitäten, Ereignisse oder Entwicklungen betreffen, von denen das Unternehmen erwartet oder annimmt, dass sie sich in Zukunft ereignen werden oder könnten und betreffen zum Beispiel zukünftige Geschäftsstrategien, Wettbewerbsstärken, Ziele, Expansionen, Wachstum der Geschäftsbereiche des Unternehmens, Betrieb, Pläne und, in Bezug auf die Explorationsergebnisse, Einhaltung der Zeitvorgaben sowie Erfolg von Explorationsarbeiten im Allgemeinen, den zeitlichen Rahmen für Zulassungen, behördliche Richtlinien für Explorations- und Bergbau-Tätigkeiten, Umweltrisiken, Besitzrechtstreitigkeiten oder -ansprüche, Einschränkungen des Versicherungsschutzes, den zeitlichen Verlauf und mögliche Ergebnisse eventuell anhängiger Gerichtsverfahren sowie zukünftiger Ressourcenschätzungen bzw. zukünftiger, wirtschaftlicher Studien.
Häufig, jedoch nicht immer, kann man zukunftsweisende Aussagen an der verwendeten Terminologie erkennen, beispielsweise "plant", "planen", "geplant", "erwartet" oder "sich darauf freuen", "erwartet Nicht", "fährt fort", "vorgesehen", "schätzt", "prognostiziert", "beabsichtigt", "potenziell", "nimmt an", "nimmt nicht an" oder "glauben" oder es wird ein "Ziel" beschrieben oder die Variation solcher Wörter und Sätze, oder sie sagen aus, dass bestimmte Massnahmen, Ereignisse oder Ergebnisse getroffen, eintreten oder erreicht "werden", "können", "könnten", "würden" oder "dürften".
Zukunftsweisende Aussagen basieren auf mehreren materiellen Faktoren und Annahmen, beispielsweise Bohrungs- und Explorationsaktivitäten, dass unter Vertrag stehende Parteien Waren bzw. Dienstleistungen zu den vereinbarten Zeiträumen anbieten, dass die für die Erkundungsarbeiten notwendige Ausrüstung so wie geplant rechtzeitig zur Verfügung steht und keine unvorhergesehenen Betriebsausfälle hervorruft, dass kein Mangel an Arbeitskräften herrscht oder Verzögerungen auftreten, dass Anlagen und Ausrüstung wie angegeben funktionieren, dass keine ungewöhnlichen geologischen oder technischen Probleme auftreten und dass das Labor und andere damit zusammenhängende Dienstleister verfügbar sind und so arbeiten wie vertraglich vereinbart. Zukunftsweisende Aussagen beinhalten bekannte und unbekannte Risiken, zukünftige Ereignisse, Bedingungen, Ungewissheiten und andere Faktoren, die bewirken können, dass sich die tatsächlichen Ergebnisse, Leistungen oder Erfolge erheblich von anderen zukünftigen Ergebnissen, Voraussagen, Prognosen, Vorhersagen, Leistungen oder Erfolgen unterscheiden, die in den vorausschauenden Aussagen geäussert oder angedeutet wurden. Zu diesen Faktoren gehören u.a. die Interpretation und die tatsächlichen Ergebnisse von aktuellen Erkundungsaktivitäten; Veränderungen von Projektparametern, während die Pläne weiterhin präzisiert werden; die zukünftigen Goldpreise; mögliche Schwankungen in Qualitäts- und Erlösquoten; Defekte der Ausrüstung oder bei Prozessen, die nicht wie geplant funktioniert haben; der Ausfall von Leistungen der unter Vertrag stehenden Parteien; Lohnstreitigkeiten und andere Risiken in der Bergbauindustrie; Verzögerungen in der Einholung von behördlichen Zulassungen oder der Finanzierung oder beim Abschluss von Erkundungsarbeiten sowie die Faktoren, die in den öffentlich eingereichten Dokumenten des Unternehmens offengelegt wurden. Obwohl Noront versucht hat, wichtige Faktoren, die bewirken können, dass tatsächliche Handlungen, Ereignisse oder Ergebnisse wesentlich von den in den zukunftsweisenden Aussagen beschriebenen abweichen können, zu bestimmen, kann es andere Faktoren geben, die Handlungen, Ereignisse oder Ergebnisse bewirken, die nicht so ausfallen, wie vorausgesehen, geschätzt oder geplant. Es können keine Garantien dafür übernommen werden, dass sich zukunftsweisende Aussagen als zutreffend herausstellen werden, da sich die tatsächlichen Ergebnisse und zukünftigen Ereignisse wesentlich von den in den Aussagen vorausgesagten unterscheiden können. Folglich sollten sich die Leser nicht übergebührlich auf die zukunftsweisenden Aussagen verlassen.
Weder TSX Venture Exchange noch ihr aufsichtsrechtlicher Dienstleister (Regulation Services Provider, im Sinne der Definition dieses Begriffes in den Richtlinien des TSX Venture Exchange) übernehmen die Verantwortung für die Angemessenheit bzw. Richtigkeit der Angaben in dieser Mitteilung.
Weitere Informationen in Bezug auf dieses Angebot erhalten Sie von: Wes Hanson, President und Chief Executive Officer oder von Joanne Jobin, Vice President Corporate Communications unter +1-416-367-1444, oder besuchen Sie Noronts Website auf: http://www.norontresources.com
Originaltext: Noront Resources Ltd. Digitale Pressemappe: http://www.presseportal.de/pm/73832 Pressemappe via RSS : http://www.presseportal.de/rss/pm_73832.rss2
Pressekontakt: Weitere Informationen in Bezug auf dieses Angebot erhalten Sie von: Wes Hanson, President und Chief Executive Officer oder von Joanne Jobin, Vice President Corporate Communications unter +1-416-367-1444, oder besuchen Sie Noronts Website auf: http://www.norontresources.com
© 2009 news aktuell
Ein neuer Bieter ???
http://finance.yahoo.com/news/Freewest-Announces-Signing-of-…
Freewest Announces Signing of Confidentiality and Exclusivity Agreement
MONTREAL, QUEBEC--(Marketwire - Nov. 11, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR - News) announces that it has entered into a Confidentiality and Exclusivity Agreement with a third party. The agreement provides, in effect, that subject to certain exceptions, Freewest will negotiate with the third party on an exclusive basis until December 1, 2009.
Freewest and its financial and legal advisors have been working with the third party and its advisors to determine whether they can agree on mutually-acceptable transaction terms, and have discussed confidential non-binding terms of a potential transaction. These discussions are ongoing.
The Confidentiality and Exclusivity Agreement follows the unsolicited all-share offer made on October 13, 2009 by Noront Resources Ltd. for the outstanding shares of Freewest. Freewest can give no assurances that it will enter into a definitive agreement with the third party or that a transaction with the third party will ultimately be completed.
In addition, further to its press release of November 5, 2009, Freewest wishes to clarify that work on an independent mineral resource estimate on the Black Thor occurrence, to be prepared in compliance with National Instrument 43-101, has not yet commenced. Freewest expects that the mineral resource estimate will be completed by the end of 2009.
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 Tier 1 of 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.
Contact:
Mackenzie I. WatsonFreewest Resources Canada Inc.President and CEO(514) 878-3551 or 1-888-878-3551(514) 878-4427 (FAX)info@freewest.comwww.freewest.com
FANTOMAS
http://finance.yahoo.com/news/Freewest-Announces-Signing-of-…
Freewest Announces Signing of Confidentiality and Exclusivity Agreement
MONTREAL, QUEBEC--(Marketwire - Nov. 11, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR - News) announces that it has entered into a Confidentiality and Exclusivity Agreement with a third party. The agreement provides, in effect, that subject to certain exceptions, Freewest will negotiate with the third party on an exclusive basis until December 1, 2009.
Freewest and its financial and legal advisors have been working with the third party and its advisors to determine whether they can agree on mutually-acceptable transaction terms, and have discussed confidential non-binding terms of a potential transaction. These discussions are ongoing.
The Confidentiality and Exclusivity Agreement follows the unsolicited all-share offer made on October 13, 2009 by Noront Resources Ltd. for the outstanding shares of Freewest. Freewest can give no assurances that it will enter into a definitive agreement with the third party or that a transaction with the third party will ultimately be completed.
In addition, further to its press release of November 5, 2009, Freewest wishes to clarify that work on an independent mineral resource estimate on the Black Thor occurrence, to be prepared in compliance with National Instrument 43-101, has not yet commenced. Freewest expects that the mineral resource estimate will be completed by the end of 2009.
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 Tier 1 of 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.
Contact:
Mackenzie I. WatsonFreewest Resources Canada Inc.President and CEO(514) 878-3551 or 1-888-878-3551(514) 878-4427 (FAX)info@freewest.comwww.freewest.com
FANTOMAS
Antwort auf Beitrag Nr.: 38.369.652 von Fantomas96 am 11.11.09 22:03:33Moin Fantomas96 ,
den Can's scheint es zu gefallen :
gruss mike
den Can's scheint es zu gefallen :
gruss mike
News Release von Freewest am morgigen Montag ?
Gerüchte über ein Angebot des (noch) geheimen Drittbieters für Freewest kursieren.
Es soll ein All-Cash Angebot über CAD 0,60 für alle Ring Of Fire - Claims von Freewest geben.
Freewest würde alle anderen Properties und Beteiligungen behalten und eine eigenständige Firma bleiben.
Ich erwarte bis zum 01. Dezember noch einige News, sowohl von Noront als auch von Freewest, um die Anleger und Investoren von der einen oder anderen Seite des "Übernahmekampfes" zu überzeugen.
Auf jeden Fall bleibt es spannend.
FANTOMAS
Gerüchte über ein Angebot des (noch) geheimen Drittbieters für Freewest kursieren.
Es soll ein All-Cash Angebot über CAD 0,60 für alle Ring Of Fire - Claims von Freewest geben.
Freewest würde alle anderen Properties und Beteiligungen behalten und eine eigenständige Firma bleiben.
Ich erwarte bis zum 01. Dezember noch einige News, sowohl von Noront als auch von Freewest, um die Anleger und Investoren von der einen oder anderen Seite des "Übernahmekampfes" zu überzeugen.
Auf jeden Fall bleibt es spannend.
FANTOMAS
Von einem Besucher der Hard Assets International Investment Conference in San Francisco:
unbelievable, the things we don't know.
posted on Nov 22, 09 01:15AM
Just spoke to Neil (SPQ) and Jim (UC) at booths. They want to talk so badly about things they're not allowed to speak of re: dealings with Majors. There is so much retailers don't know of that is going behind scenes. They'd stop mid sentence and...well implications of what is not said is so telling. hoov, I can see why you have to be descrete with all discussion with company owners. there is a trust not to be betrayed there.
I was under impression FWR.V 100% was 50-70 year mine. They're talking 100 to 200 years and it's by far the largest mine of it's kind. It's very impressive and very desireable to Cliffs. Why? World domination. Timing, undersireable to Mac who just wanted more time to prove up ore, but NOT.V forced timing and it's a battle in the ring now. Not friendly, not amiable. Gentlemen's club ticked off at NOT.V. Reasons for Nemis exit discussed, strategies, lots of cool things from companies observing from sideline. Deal pending asap. Wes' presentation was a drag -monotone. Not much discussed. Mention 2011 feasability. lots of notes.
So tired. but meeting at bar. Talk later.
Answer my question on NOT forum, would be help.
sg
FANTOMAS
unbelievable, the things we don't know.
posted on Nov 22, 09 01:15AM
Just spoke to Neil (SPQ) and Jim (UC) at booths. They want to talk so badly about things they're not allowed to speak of re: dealings with Majors. There is so much retailers don't know of that is going behind scenes. They'd stop mid sentence and...well implications of what is not said is so telling. hoov, I can see why you have to be descrete with all discussion with company owners. there is a trust not to be betrayed there.
I was under impression FWR.V 100% was 50-70 year mine. They're talking 100 to 200 years and it's by far the largest mine of it's kind. It's very impressive and very desireable to Cliffs. Why? World domination. Timing, undersireable to Mac who just wanted more time to prove up ore, but NOT.V forced timing and it's a battle in the ring now. Not friendly, not amiable. Gentlemen's club ticked off at NOT.V. Reasons for Nemis exit discussed, strategies, lots of cool things from companies observing from sideline. Deal pending asap. Wes' presentation was a drag -monotone. Not much discussed. Mention 2011 feasability. lots of notes.
So tired. but meeting at bar. Talk later.
Answer my question on NOT forum, would be help.
sg
FANTOMAS
Freewest Announces $0.70 Per Share Acquisition by Cliffs Natural Resources Inc. - Nov 23, 2009
+ Cliffs to acquire 100% of outstanding Freewest shares
+ Each Freewest shareholder to receive C$0.55 in shares of Cliffs and one share of New Freewest with an estimated value of C$0.15, for a total estimated value of C$150.6 million or C$0.70 per Freewest share
+ Transaction represents a 122.2% premium to Freewest's closing price on October 2, 2009, immediately prior to the announcement of the unsolicited offer by Noront Resources Ltd., and a 27.3% premium to Freewest's closing price on November 20, 2009
+ Freewest Board of Directors unanimously supports Cliffs transaction
www.marketwire.com/press-release/Freewest-Resources-Canada-I…
+ Cliffs to acquire 100% of outstanding Freewest shares
+ Each Freewest shareholder to receive C$0.55 in shares of Cliffs and one share of New Freewest with an estimated value of C$0.15, for a total estimated value of C$150.6 million or C$0.70 per Freewest share
+ Transaction represents a 122.2% premium to Freewest's closing price on October 2, 2009, immediately prior to the announcement of the unsolicited offer by Noront Resources Ltd., and a 27.3% premium to Freewest's closing price on November 20, 2009
+ Freewest Board of Directors unanimously supports Cliffs transaction
www.marketwire.com/press-release/Freewest-Resources-Canada-I…
Antwort auf Beitrag Nr.: 38.437.274 von Popeye82 am 23.11.09 13:46:50Hallo, Ihr Noch-Freewest-Aktionäre 
Ich wäre zwar lieber noch ein wenig länger bei FWR dringeblieben (oder hätte sie auch gerne in Noront getauscht), aber das Cliffs-Angebot scheint mir auch nicht soo schlecht zu sein.
Ich tendiere jetzt aus folgenden Gründen dazu, meine FWR in den nächsten Tagen zu verkaufen:
1. New-Freewest ohne die ROF-Chrome-Properties ist nur einer von zahllosen "Hoffnungswerten", den man nicht unbedingt haben muss, oder?
2. Cliffs ist nur einer der "Großen" - zwar solide, aber ohne den spekulativen Touch eines Junior-Explorers.
Aber natürlich höre ich mir vorher noch Eure Meinungen zu diesem Übernahme-Angebot an!
Freundliche Grüße
supernova
Ich wäre zwar lieber noch ein wenig länger bei FWR dringeblieben (oder hätte sie auch gerne in Noront getauscht), aber das Cliffs-Angebot scheint mir auch nicht soo schlecht zu sein.
Ich tendiere jetzt aus folgenden Gründen dazu, meine FWR in den nächsten Tagen zu verkaufen:
1. New-Freewest ohne die ROF-Chrome-Properties ist nur einer von zahllosen "Hoffnungswerten", den man nicht unbedingt haben muss, oder?
2. Cliffs ist nur einer der "Großen" - zwar solide, aber ohne den spekulativen Touch eines Junior-Explorers.
Aber natürlich höre ich mir vorher noch Eure Meinungen zu diesem Übernahme-Angebot an!
Freundliche Grüße
supernova
Antwort auf Beitrag Nr.: 38.437.523 von supernova1712 am 23.11.09 14:19:19
Ich hab keine FWR Aktien, würde das aber wahrscheinlich genauso sehen.
Gruß,
Popeye
Ich hab keine FWR Aktien, würde das aber wahrscheinlich genauso sehen.
Gruß,
Popeye
So, das Cliffs Übernahmeangebot für Freewest ist auf dem Tisch, allerdings m.A. ein schlechteres als das Noront Angebot.
Das Cliffs Angebot ist ein Cash-Angebot in Form von Aktien zu einem "fixen" Kurs an einem Stichtag, Noronts Angebot ist aber ein Verhältnis-Umtausch (1 für 4), so dass Freewest Aktionäre sofort von einem steigenden Kurs von Noront profitieren, bei dem Cliffs Angebot aber erst nach Beendigung der Transaktion.
Für Cliffs sind die FWR RoF Claims immer "nur" CAD 0,55 wert, in Noronts Fall (heute) CAD 2,30 / 4 = CAD 0,575 minus CAD 0,15 für die Nicht-RoF Assets (lt. Cliffs Angebot) = CAD 0,425 !
Bei einem Noront Kurs von CAD 3,00 aber schon CAD 3,00 / 4 = CAD 0,75 minus CAD 0,15 = CAD 0,60 !
Cliffs hat als "Major" m.A. auch viel weniger Aufwärtspotenzial als ein Explorer wie Noront, also mehr "Sicherheit", aber auch weniger "Chancen".
Allerdings ist der "Bieterkrieg" gerade erst eröffnet und keiner der beiden Deals bereits sicher.
Profitieren wird Freewest von diesem Bieterstreit, aber ultimativ alle RoF-Plays, denn mit dem Cliffs Angebot hat das bisher unbeachtete Chrom im RoF endlich einen "realen Gegenwert" erhalten und die beabsichtigte Übernahme durch einen Major sollte dem Markt die immer näherrückende Wahrscheinlichkeit eines neuen kanadischen Minencamps verdeutlichen, was letztendlich den Kursen zugute kommen sollte.
FANTOMAS
Das Cliffs Angebot ist ein Cash-Angebot in Form von Aktien zu einem "fixen" Kurs an einem Stichtag, Noronts Angebot ist aber ein Verhältnis-Umtausch (1 für 4), so dass Freewest Aktionäre sofort von einem steigenden Kurs von Noront profitieren, bei dem Cliffs Angebot aber erst nach Beendigung der Transaktion.
Für Cliffs sind die FWR RoF Claims immer "nur" CAD 0,55 wert, in Noronts Fall (heute) CAD 2,30 / 4 = CAD 0,575 minus CAD 0,15 für die Nicht-RoF Assets (lt. Cliffs Angebot) = CAD 0,425 !
Bei einem Noront Kurs von CAD 3,00 aber schon CAD 3,00 / 4 = CAD 0,75 minus CAD 0,15 = CAD 0,60 !
Cliffs hat als "Major" m.A. auch viel weniger Aufwärtspotenzial als ein Explorer wie Noront, also mehr "Sicherheit", aber auch weniger "Chancen".
Allerdings ist der "Bieterkrieg" gerade erst eröffnet und keiner der beiden Deals bereits sicher.
Profitieren wird Freewest von diesem Bieterstreit, aber ultimativ alle RoF-Plays, denn mit dem Cliffs Angebot hat das bisher unbeachtete Chrom im RoF endlich einen "realen Gegenwert" erhalten und die beabsichtigte Übernahme durch einen Major sollte dem Markt die immer näherrückende Wahrscheinlichkeit eines neuen kanadischen Minencamps verdeutlichen, was letztendlich den Kursen zugute kommen sollte.
FANTOMAS
Freewest Präsentation zum Conference Call "Übernahmeangebot durch Cliffs Natural Resources":
http://www.freewest.com/_resources/Freewest-November-24-2009…
FANTOMAS
http://www.freewest.com/_resources/Freewest-November-24-2009…
FANTOMAS
Freewest verschafft sich Cash und Cliffs einen größeren Fuß in der Tür !
Freewest Obtains Regulatory Approval for $4.1 Million Private Placement to Cliffs Natural Resources Inc.
- Freewest to issue 6,908,440 shares to Cliffs at a price of $0.60 per share, for proceeds to Freewest of $4,145,064
- Private placement scheduled to close on November 30
http://finance.yahoo.com/news/Freewest-Obtains-Regulatory-cc…
MONTREAL, QUEBEC--(Marketwire - Nov. 25, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR - News) announces that it has obtained approval from the TSX Venture Exchange for its previously-announced private placement to Cliffs Natural Resources Inc. (NYSE:CLF - News; PARIS:CLF - News). Freewest will issue 6,908,440 common shares to Cliffs at a price of $0.60 per share, for proceeds to Freewest of $4,145,064.
The private placement is scheduled to close on Monday, November 30. The approval from the TSX Venture Exchange is subject to standard conditions.
The proceeds from the private placement will be used by Freewest for working capital purposes and for continuing work on Freewest's 100%-owned McFaulds property. Following the private placement, Cliffs will indirectly hold 21,658,440 Freewest shares, representing approximately 9.73% of the 222,533,479 shares that will be issued and outstanding.
Freewest's Board of Directors reminds shareholders that the Board continues to recommend that shareholders REJECT the hostile take-over bid made by Noront Resources Ltd. on October 13, 2009 and NOT tender their shares to the Noront offer, which will expire on December 1, 2009. The Board of Directors unanimously supports the proposed plan of arrangement with Cliffs Natural Resources Inc., announced by Freewest on November 23. A special meeting of Freewest shareholders to vote on the proposed transaction with Cliffs is expected to be held in January 2010.
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.
FANTOMAS
Freewest Obtains Regulatory Approval for $4.1 Million Private Placement to Cliffs Natural Resources Inc.
- Freewest to issue 6,908,440 shares to Cliffs at a price of $0.60 per share, for proceeds to Freewest of $4,145,064
- Private placement scheduled to close on November 30
http://finance.yahoo.com/news/Freewest-Obtains-Regulatory-cc…
MONTREAL, QUEBEC--(Marketwire - Nov. 25, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR - News) announces that it has obtained approval from the TSX Venture Exchange for its previously-announced private placement to Cliffs Natural Resources Inc. (NYSE:CLF - News; PARIS:CLF - News). Freewest will issue 6,908,440 common shares to Cliffs at a price of $0.60 per share, for proceeds to Freewest of $4,145,064.
The private placement is scheduled to close on Monday, November 30. The approval from the TSX Venture Exchange is subject to standard conditions.
The proceeds from the private placement will be used by Freewest for working capital purposes and for continuing work on Freewest's 100%-owned McFaulds property. Following the private placement, Cliffs will indirectly hold 21,658,440 Freewest shares, representing approximately 9.73% of the 222,533,479 shares that will be issued and outstanding.
Freewest's Board of Directors reminds shareholders that the Board continues to recommend that shareholders REJECT the hostile take-over bid made by Noront Resources Ltd. on October 13, 2009 and NOT tender their shares to the Noront offer, which will expire on December 1, 2009. The Board of Directors unanimously supports the proposed plan of arrangement with Cliffs Natural Resources Inc., announced by Freewest on November 23. A special meeting of Freewest shareholders to vote on the proposed transaction with Cliffs is expected to be held in January 2010.
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.
FANTOMAS
Quelle: stockwatch
Pinetree buys 500,000 more shares of Freewest
2009-11-26 10:45 ET - News Release
See News Release (C-PNP) Pinetree Capital Ltd
Mr. Larry Goldberg of Pinetree reports
PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF FREEWEST RESOURCES CANADA INC.
Pinetree Capital Ltd. acquired through a series of transactions ending on Nov. 25, 2009, ownership of 500,000 common shares of Freewest Resources Canada Inc. through the facilities of the TSX Venture Exchange, representing approximately 0.2 per cent of the total issued and outstanding common shares of Freewest as at Nov. 25, 2009. As a result of this transaction, Pinetree and its joint actors held, as at Nov. 25, 2009, an aggregate of 19,606,605 common shares of Freewest and rights to acquire an additional 2.25 million common shares of Freewest upon the exercise of convertible securities, representing a total of 21,856,605 common shares of Freewest, or approximately 10.1 per cent of such shares outstanding as of Nov. 25, 2009, calculated on a partially diluted basis assuming the exercise of the convertible securities. As a result of this transaction, Pinetree held, as at Nov. 25, 2009, an aggregate of 10.5 million common shares of Freewest, including the common shares, and 1.5 million of the convertible securities directly, representing a total of 12 million common shares of Freewest, or approximately 5.5 per cent of such shares outstanding as of Nov. 25, 2009, calculated on a partially diluted basis assuming the exercise of the Pinetree convertible securities only.
These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Freewest depending on market conditions or any other relevant factor.
Pinetree buys 500,000 more shares of Freewest
2009-11-26 10:45 ET - News Release
See News Release (C-PNP) Pinetree Capital Ltd
Mr. Larry Goldberg of Pinetree reports
PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF FREEWEST RESOURCES CANADA INC.
Pinetree Capital Ltd. acquired through a series of transactions ending on Nov. 25, 2009, ownership of 500,000 common shares of Freewest Resources Canada Inc. through the facilities of the TSX Venture Exchange, representing approximately 0.2 per cent of the total issued and outstanding common shares of Freewest as at Nov. 25, 2009. As a result of this transaction, Pinetree and its joint actors held, as at Nov. 25, 2009, an aggregate of 19,606,605 common shares of Freewest and rights to acquire an additional 2.25 million common shares of Freewest upon the exercise of convertible securities, representing a total of 21,856,605 common shares of Freewest, or approximately 10.1 per cent of such shares outstanding as of Nov. 25, 2009, calculated on a partially diluted basis assuming the exercise of the convertible securities. As a result of this transaction, Pinetree held, as at Nov. 25, 2009, an aggregate of 10.5 million common shares of Freewest, including the common shares, and 1.5 million of the convertible securities directly, representing a total of 12 million common shares of Freewest, or approximately 5.5 per cent of such shares outstanding as of Nov. 25, 2009, calculated on a partially diluted basis assuming the exercise of the Pinetree convertible securities only.
These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Freewest depending on market conditions or any other relevant factor.
Northern Miner Artikel vom 26.11.2009 (auch, wenn Cliffs das "Rennen" noch nicht, wie hier behauptet, gewonnen hat):
Cliffs Wins Freewest’s Chromite
By Trish Saywell
Noront Resources’ (NOT-V) failed hostile takeover bid for Freewest Resources Canada (FWR-V) last month jolted Cliffs Natural Resources( CLF-N)out of complacency — prompting the world’s largest iron ore pellet supplier to acquire the junior’s chromite-rich deposits before anyone else tries to make another pass at them.
Cliffs believes Freewest’s high-grade Black Thor, Black Label and Big Daddy deposits in the remote “Ring of Fire” metals district of northern Ontario will support a relatively low-cost mine that can supply markets in Europe, North America and Asia for decades to come.
In a conference call announcing the acquisition, Cliffs’ president and chief executive, Joseph Carrabba, said the company believes the chromium assets are world-class deposits with the potential to support an open-pit mine producing 1 to 2 million tonnes per year for more than 30 years. The ore will be further processed into 400,000-800,000 tonnes of ferrochrome.
Under the terms of the deal, Cliffs will acquire Freewest and its 100%-owned Black Thor and Black Label deposits, plus 50% of the Big Daddy deposit, which is a joint venture with Spider Resources (SPQ-V) and KWG Resources (KWG-V). Cliffs already owns 19.9% of KWG Resources, which holds a 25% stake in the Big Daddy deposit.
“Ferrochrome is imported by the world’s fastest-growing steel markets and many countries have categorized it as a strategic metal resource,” Carrabba said. “We believe this discovery represents one of the premier chromite deposits in the world. Given the operation’s unique location, our objective will be to supply ferrochrome to stainless steel producers around the world.”
Cliffs has been involved in the development of these deposits for most of the year and in June acquired a significant position in Freewest through a private placement. Currently Cliffs owns 6.9% of Freewest’s outstanding shares and owns warrants, which if exercised, would increase its ownership to 9.75%.
Under the definitive agreement, each Freewest shareholder will receive a fraction of a Cliffs share representing a fixed value of 55¢, and one share of a new company, Freewest Resources (or “New Freewest”), which will hold the junior’s current portfolio of non-chromite exploration properties, estimated by Freewest to have a value of 15¢ per share, for a total estimated value of 70¢ per Freewest share.
Market reports estimate that four countries — South Africa, Kazakhstan, Finland and Turkey — control nearly 80% of the world’s 24 million tonnes of chromite ore production.
Cliffs believes Freewest’s deposits can make up between 6% and 11% of the global supply of chromium.
In 2008, ferrochrome consumption in the U.S. reached 7 million tonnes. In Asia, consumption reached 4.6 million tonnes and in Europe, 1.9 million tonnes. Cliffs notes there was a deficit of 4.6 million tonnes in the U. S. and Europe last year.
In 2008, the price of chromium reached US$1.75 per lb. This year, the metal is US82-88¢ per lb.
But operating an open pit with such high-grade chromium should put Cliffs in the bottom third of the cost quartile, Carrabba said.
“If you want to compare the current deposits (in the Ring of Fire) with classic chromite deposits in South Africa,” Carrabba said, “the big difference is the larger seams and an open-pit versus underground scenario, which gives you a very good cost advantage.”
Cliffs expects to complete the permitting process in three years and start commercial production by 2015.
Capital costs for the project are estimated at about US$800 million, but that number excludes the cost of building a 300-km railroad spur to hook up with the CN line somewhere near the town of Nakina in the James Bay lowlands. A smelter will most likely be located somewhere on the northern shore of Lake Superior, the company says.
Some highlights from Freewest’s drilling at Black Thor include intercepts of 43.7% chromium oxide over 48 metres (in hole 74), 40% chromium oxide over 38 metres (hole 69), 42.3% chromium oxide over 35 metres (hole 73), and 40.5% chromium oxide across 23 metres (hole 58). The deposit remains open along strike and at depth. (Black Thor was tested over a strike length of 2,600 metres and to a depth of 400 vertical metres.)
The drilling has delineated a potential mineral deposit at Black Thor ranging from 50 million to 60 million tonnes and grading between 31% and 38% chromium oxide, Freewest says. In addition to chromite, the Black Thor occurrence has the potential to host between 278,000 and 406,000 oz. of platinum, and between 260,000 and 381,000 oz. of palladium, according to Freewest. The company expects that a National Instrument 43-101-compliant resource on Black Thor will be completed before the end of the year.
Big Daddy, about 4 km southwest of Black Thor and about 5 km northeast of Noront’s Blackbird One and Two discoveries, is open at depth, as well as along strike in both directions. On Nov. 16, the Freewest joint venture reported that since the start of the project in 2006, chromite mineralization had been established over an inferred strike length of 1,300 metres.
In January 2009, the joint venture published the results from the final two holes in its 2008 exploration program. Highlights include an intersection in one of the holes of 42.08% chromite over 34.8 metres and in the other, 34.96% chromite over 42 metres.
At presstime, Freewest was trading at 63¢ per share. The junior has a 52-week trading range of 12-68¢ per share. Cliffs, meanwhile, was trading at US$42.54 in a 52-week trading range of US$11.80-44.83.
FANTOMAS
Cliffs Wins Freewest’s Chromite
By Trish Saywell
Noront Resources’ (NOT-V) failed hostile takeover bid for Freewest Resources Canada (FWR-V) last month jolted Cliffs Natural Resources( CLF-N)out of complacency — prompting the world’s largest iron ore pellet supplier to acquire the junior’s chromite-rich deposits before anyone else tries to make another pass at them.
Cliffs believes Freewest’s high-grade Black Thor, Black Label and Big Daddy deposits in the remote “Ring of Fire” metals district of northern Ontario will support a relatively low-cost mine that can supply markets in Europe, North America and Asia for decades to come.
In a conference call announcing the acquisition, Cliffs’ president and chief executive, Joseph Carrabba, said the company believes the chromium assets are world-class deposits with the potential to support an open-pit mine producing 1 to 2 million tonnes per year for more than 30 years. The ore will be further processed into 400,000-800,000 tonnes of ferrochrome.
Under the terms of the deal, Cliffs will acquire Freewest and its 100%-owned Black Thor and Black Label deposits, plus 50% of the Big Daddy deposit, which is a joint venture with Spider Resources (SPQ-V) and KWG Resources (KWG-V). Cliffs already owns 19.9% of KWG Resources, which holds a 25% stake in the Big Daddy deposit.
“Ferrochrome is imported by the world’s fastest-growing steel markets and many countries have categorized it as a strategic metal resource,” Carrabba said. “We believe this discovery represents one of the premier chromite deposits in the world. Given the operation’s unique location, our objective will be to supply ferrochrome to stainless steel producers around the world.”
Cliffs has been involved in the development of these deposits for most of the year and in June acquired a significant position in Freewest through a private placement. Currently Cliffs owns 6.9% of Freewest’s outstanding shares and owns warrants, which if exercised, would increase its ownership to 9.75%.
Under the definitive agreement, each Freewest shareholder will receive a fraction of a Cliffs share representing a fixed value of 55¢, and one share of a new company, Freewest Resources (or “New Freewest”), which will hold the junior’s current portfolio of non-chromite exploration properties, estimated by Freewest to have a value of 15¢ per share, for a total estimated value of 70¢ per Freewest share.
Market reports estimate that four countries — South Africa, Kazakhstan, Finland and Turkey — control nearly 80% of the world’s 24 million tonnes of chromite ore production.
Cliffs believes Freewest’s deposits can make up between 6% and 11% of the global supply of chromium.
In 2008, ferrochrome consumption in the U.S. reached 7 million tonnes. In Asia, consumption reached 4.6 million tonnes and in Europe, 1.9 million tonnes. Cliffs notes there was a deficit of 4.6 million tonnes in the U. S. and Europe last year.
In 2008, the price of chromium reached US$1.75 per lb. This year, the metal is US82-88¢ per lb.
But operating an open pit with such high-grade chromium should put Cliffs in the bottom third of the cost quartile, Carrabba said.
“If you want to compare the current deposits (in the Ring of Fire) with classic chromite deposits in South Africa,” Carrabba said, “the big difference is the larger seams and an open-pit versus underground scenario, which gives you a very good cost advantage.”
Cliffs expects to complete the permitting process in three years and start commercial production by 2015.
Capital costs for the project are estimated at about US$800 million, but that number excludes the cost of building a 300-km railroad spur to hook up with the CN line somewhere near the town of Nakina in the James Bay lowlands. A smelter will most likely be located somewhere on the northern shore of Lake Superior, the company says.
Some highlights from Freewest’s drilling at Black Thor include intercepts of 43.7% chromium oxide over 48 metres (in hole 74), 40% chromium oxide over 38 metres (hole 69), 42.3% chromium oxide over 35 metres (hole 73), and 40.5% chromium oxide across 23 metres (hole 58). The deposit remains open along strike and at depth. (Black Thor was tested over a strike length of 2,600 metres and to a depth of 400 vertical metres.)
The drilling has delineated a potential mineral deposit at Black Thor ranging from 50 million to 60 million tonnes and grading between 31% and 38% chromium oxide, Freewest says. In addition to chromite, the Black Thor occurrence has the potential to host between 278,000 and 406,000 oz. of platinum, and between 260,000 and 381,000 oz. of palladium, according to Freewest. The company expects that a National Instrument 43-101-compliant resource on Black Thor will be completed before the end of the year.
Big Daddy, about 4 km southwest of Black Thor and about 5 km northeast of Noront’s Blackbird One and Two discoveries, is open at depth, as well as along strike in both directions. On Nov. 16, the Freewest joint venture reported that since the start of the project in 2006, chromite mineralization had been established over an inferred strike length of 1,300 metres.
In January 2009, the joint venture published the results from the final two holes in its 2008 exploration program. Highlights include an intersection in one of the holes of 42.08% chromite over 34.8 metres and in the other, 34.96% chromite over 42 metres.
At presstime, Freewest was trading at 63¢ per share. The junior has a 52-week trading range of 12-68¢ per share. Cliffs, meanwhile, was trading at US$42.54 in a 52-week trading range of US$11.80-44.83.
FANTOMAS
Und gleich noch was aus dem Northern Miner Editorial hinterher:
EDITORIAL: TOP STORIES OF WEEK 46
Cliffs Warms To Ring Of Fire
Ontario’s enticing but remote Ring of Fire polymetallic exploration camp took another step towards becoming a mining centre in late November with the first significant move into the camp by a miner actually capable of executing the kind of large-scale development the camp demands.
• Cleveland-based iron ore and metallurgical coal producer Cliffs Natural Resources tabled a generous, all-share bid on Nov. 23 for Mac Watson’s Freewest Resources, building on its existing 6.9% shareholding.
The prized asset of the friendly, $150-million offer is Freewest’s impressive grassroots chromite deposits in the camp, including Black Thor and Black Label, and a half interest in Big Daddy. Peripheral exploration assets are to be spun out into a new junior.
The deal offers a 27% premium on Freewest shares as of Nov. 20, and effectively puts the kibosh on a hostile, all-share bid by camp neighbour Noront Resources, launched in mid-October. We’ll see if Noront wants to come back with an improved bid, perhaps with a cash sweetener to make up for the junior’s obvious weaknesses compared to a big NYSE-listed American miner.
Though it’s early days, Cliffs is eyeing the development of an open-pit operation that would produce up to 2 million tonnes of high-grade chromite ore annually, which would be further processed into 800,000 tonnes of ferrochrome, an essential ingredient in stainless steel.
This expansive talk comes from a company that’s had a very difficult past couple of years in its core businesses owing to the recession, so it’s a strong vote of confidence in the quality and size of the Ring of Fire’s chromite.
FANTOMAS
EDITORIAL: TOP STORIES OF WEEK 46
Cliffs Warms To Ring Of Fire
Ontario’s enticing but remote Ring of Fire polymetallic exploration camp took another step towards becoming a mining centre in late November with the first significant move into the camp by a miner actually capable of executing the kind of large-scale development the camp demands.
• Cleveland-based iron ore and metallurgical coal producer Cliffs Natural Resources tabled a generous, all-share bid on Nov. 23 for Mac Watson’s Freewest Resources, building on its existing 6.9% shareholding.
The prized asset of the friendly, $150-million offer is Freewest’s impressive grassroots chromite deposits in the camp, including Black Thor and Black Label, and a half interest in Big Daddy. Peripheral exploration assets are to be spun out into a new junior.
The deal offers a 27% premium on Freewest shares as of Nov. 20, and effectively puts the kibosh on a hostile, all-share bid by camp neighbour Noront Resources, launched in mid-October. We’ll see if Noront wants to come back with an improved bid, perhaps with a cash sweetener to make up for the junior’s obvious weaknesses compared to a big NYSE-listed American miner.
Though it’s early days, Cliffs is eyeing the development of an open-pit operation that would produce up to 2 million tonnes of high-grade chromite ore annually, which would be further processed into 800,000 tonnes of ferrochrome, an essential ingredient in stainless steel.
This expansive talk comes from a company that’s had a very difficult past couple of years in its core businesses owing to the recession, so it’s a strong vote of confidence in the quality and size of the Ring of Fire’s chromite.
FANTOMAS
Für alle, die noch an den Absichten von Cliffs zweifeln, hier eine Chrommine bis 2015 zu entwickeln, vielleicht ein paar Punkte zum Nachdenken:
Freewest sieht momentan ca. 50-60 Mio. Tonnen Chrom auf ihren Claims.
Cliffs bietet $ 118,3 Mio. für dieses Chrom.
Ich lasse jetzt mal die von Freewest antizipierten 278.000 bis 406.000 oz. Platin und die 260.000 and 381.000 oz. Palladium außen vor, die das Chrom-Deposit auch enthält.
1 Tonne = 2205 lbs.
Nehmen wir mal die unteren Level von 50 Mio. Tonnen, dann sind das 110,25 Mrd. lbs. Chrom zu einem Verkaufspreis von $ 0,82 pro lbs (= aktueller Kurs, 2008 bis zu $ 1,75 !).
Das macht $ 90,405 MILLIARDEN Verkaufserlös !
Da sind die $ 800 Mio. Kapitalkosten und die Kosten für eine Bahnstrecke ja fast ein Klacks dagegen.
Cliffs stellt ein Szenario vor, dass eine Förderung von 1-2 Mio. Tonnen Chrom pro Jahr für 30 Jahre (!!!) beinhaltet.
Das bedeutet bei heutigem (niedrigen) Chrom-Preis von $ 0,82/lbs ein Erlös von $ 1,8 Milliarden bis 3,6 Milliarden JÄHRLICH (!!!) und das für mindestens 30 JAHRE (!!!).
Wie gesagt, Cliffs bietet für die heute vermuteten 50-60 Mio. Tonnen Chrom (ich glaube, am Ende werden es über 100 Mio. Tonnen sein) insgesamt $ 118,3 Mio.
Das macht bei der Annahme des unteren Wertes von 50 Mio. Tonnen einen Wert pro Tonne von $ 2,37 oder $ 0,001 pro lbs.
Nicht schlecht, bei einem Verkaufspreis von $ 0,82 pro lbs. !
Netter Return on Investment (sogar mit den Kapitalkosten für Infrastruktur und Mine) und die Erlöse für die Platingruppenmetalle gibt´s gratis obendrauf (und vielleicht wird ja auch noch Nickel gefunden) !
Wer sich die Zahlen mal vor Augen führt, wird schnell erkennen, dass Cliffs hier nicht nur "ein bißchen" interessiert ist und Chrom "wertlos" ist.
Auf jeden Fall ist Freewest in diesem Szenario mit $ 0,55 für die RoF-Claims deutlich unterbewertet, vor allem, wenn noch mehr auf den Claims gefunden wird und/oder der Preis für Chrom wieder steigt.
Daher erwarte ich einen weiteren Bieterkampf zwischen Cliffs und Noront (und vielleicht noch anderen "Teilnehmern") !
Eine wirklich spannende Situation, die Noront am Montag (Ende des Angebots für Freewest-Übernahme) vielleicht noch mit einer weiteren News offenhalten will ???
FANTOMAS
Freewest sieht momentan ca. 50-60 Mio. Tonnen Chrom auf ihren Claims.
Cliffs bietet $ 118,3 Mio. für dieses Chrom.
Ich lasse jetzt mal die von Freewest antizipierten 278.000 bis 406.000 oz. Platin und die 260.000 and 381.000 oz. Palladium außen vor, die das Chrom-Deposit auch enthält.
1 Tonne = 2205 lbs.
Nehmen wir mal die unteren Level von 50 Mio. Tonnen, dann sind das 110,25 Mrd. lbs. Chrom zu einem Verkaufspreis von $ 0,82 pro lbs (= aktueller Kurs, 2008 bis zu $ 1,75 !).
Das macht $ 90,405 MILLIARDEN Verkaufserlös !
Da sind die $ 800 Mio. Kapitalkosten und die Kosten für eine Bahnstrecke ja fast ein Klacks dagegen.
Cliffs stellt ein Szenario vor, dass eine Förderung von 1-2 Mio. Tonnen Chrom pro Jahr für 30 Jahre (!!!) beinhaltet.
Das bedeutet bei heutigem (niedrigen) Chrom-Preis von $ 0,82/lbs ein Erlös von $ 1,8 Milliarden bis 3,6 Milliarden JÄHRLICH (!!!) und das für mindestens 30 JAHRE (!!!).
Wie gesagt, Cliffs bietet für die heute vermuteten 50-60 Mio. Tonnen Chrom (ich glaube, am Ende werden es über 100 Mio. Tonnen sein) insgesamt $ 118,3 Mio.
Das macht bei der Annahme des unteren Wertes von 50 Mio. Tonnen einen Wert pro Tonne von $ 2,37 oder $ 0,001 pro lbs.
Nicht schlecht, bei einem Verkaufspreis von $ 0,82 pro lbs. !
Netter Return on Investment (sogar mit den Kapitalkosten für Infrastruktur und Mine) und die Erlöse für die Platingruppenmetalle gibt´s gratis obendrauf (und vielleicht wird ja auch noch Nickel gefunden) !
Wer sich die Zahlen mal vor Augen führt, wird schnell erkennen, dass Cliffs hier nicht nur "ein bißchen" interessiert ist und Chrom "wertlos" ist.
Auf jeden Fall ist Freewest in diesem Szenario mit $ 0,55 für die RoF-Claims deutlich unterbewertet, vor allem, wenn noch mehr auf den Claims gefunden wird und/oder der Preis für Chrom wieder steigt.
Daher erwarte ich einen weiteren Bieterkampf zwischen Cliffs und Noront (und vielleicht noch anderen "Teilnehmern") !
Eine wirklich spannende Situation, die Noront am Montag (Ende des Angebots für Freewest-Übernahme) vielleicht noch mit einer weiteren News offenhalten will ???
FANTOMAS
Neues Noront-Angebot!!
Noront Resources announces a C$0.86 per share final Offer to all Freewest shareholders
06:00 EST Monday, Nov 30, 2009
<<
- Noront Resources is increasing its offer to Freewest shareholders.
Under the new Offer, for each seven (7) Freewest shares held, Noront
will issue two (2) freely tradeable Noront shares and a full five-
year (5) purchase warrant with a strike price of C$4.00.
- The implied value of this offer is C$0.86.
The Noront Offer represents a 173% premium to Freewest's closing share
price the day prior to the announcement of Noront's original Offer.
By tendering shares into the Offer, Freewest shareholders are being given
the opportunity to participate in continuing value creation in the Ring
of Fire
Noront's Offer is full, fair and final and will expire on December 11,
2009 and will not be increased.
Noront has waived all the conditions of its Offer.
Symbol: NOT:TSX-V
Shares Outstanding: 163,631,957
Fully Diluted: 173,461,957
>>
TORONTO, Nov. 30 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) announced today that it has increased its Offer (the "Offer") for Freewest Resources Canada Inc. ("Freewest") (TSX Ventures: FWR) to an implied Offer price of approximately C$0.86 per share (based on Noront's November 27, 2009 closing share price of C$2.25) in a transaction that values the fully diluted share capital of Freewest at approximately C$222 million. Under the Offer, Freewest common shareholders will be entitled to receive:
<<
- one (1) Noront common share for every 3.5 Freewest common share
tendered (the "Exchange Ratio"); plus
- one (1) Noront warrant (the "Noront Warrant"), with each full warrant
entitling the holder to acquire one Noront common share, for every
seven (7) Freewest common shares tendered;
>>
The Noront Warrants will have an exercise price of C$4.00 per Noront common share and will expire five years after the date on which Noront first pays for Freewest common shares tendered to the Offer. Noront will use its best efforts to list these warrants on the TSX Venture Exchange. The Offer is now open until 11.59 pm (Toronto time) on December 11, 2009, unless Noront withdraws the Offer. Noront has waived all the unsatisfied conditions of the original Offer, including the condition that at least 66 2/3% of the total number of common shares outstanding (calculated on a fully-diluted basis) would be validly deposited under the Offer by the Expiry Time. The consideration offered under the new Offer will not be revised, it is the final Offer by Noront and it gives all Freewest Shareholders the opportunity to decide on whether to continue to participate in the maturation of the Ring of Fire.
Those Freewest shareholders who have already tendered their common shares under the terms of the Offer will receive the increased implied Offer price for each common share validly tendered and not withdrawn and are not required to take any further action.
<<
Highlights of the Offer
- Freewest shareholders will, upon successful completion of the Offer,
through their ownership of Noront common shares and warrants
received, continue to benefit from discoveries and developments in
the Ring of Fire and will continue to share in any future increases
in value associated with the development and operation of the
existing portfolios of Noront and Freewest
- Based on the closing price of Noront's common shares on November 27,
2009, of $2.25, the implied Offer price represents a premium of
approximately 173% over Freewest's closing price of $0.315 as at
October 2, 2009 (the day prior to the announcement of Noront's
original Offer).
- Based on the number of fully diluted Freewest common shares, as
publicly disclosed, Noront will issue under the Offer approximately
73.7 million common shares and 36.8 million warrants (assuming
exercise of all in-the-money Freewest warrants and options, and
excluding any shares issuable upon exercise of the Noront warrants)
>>
Noront's Rationale:
Noront believes Freewest's management has failed its shareholders by supporting the Cliffs' Offer, which does not allow shareholders to continue to benefit from the exciting exploration potential of the Ring of Fire. Additionally, Freewest's management has,
<<
(i) negotiated for themselves, preferential treatment for themselves
with respect to their options by receiving cash at a premium to
the current Freewest share price, at the expense of its
shareholders;
(ii) undertaken a private placement from Cliffs' at a discount to the
Cliffs' offer price; and
(iii) agreed to conditions with Cliffs', such as the break fee, and a
timetable for completion that frustrates and hinders other
potential competing offers.
>>
As has been demonstrated by the market's reaction to the Cliffs' Offer, the stated C$0.15 per share value of the New Freewest share is highly inflated and Noront believes it will be difficult for Freewest shareholders to realize any significant value from these shares in the near term due to illiquidity of the stock and expected selling pressure upon listing.
Most importantly, Noront believes that the Freewest management has negotiated a plan of arrangement with Cliffs, that denies Freewest shareholders the opportunity to share in the benefits of any exploration and other potential development of the Freewest assets since they will no longer have exposure to the Ring of Fire.
Noront's President and CEO Wes Hanson notes: "We initiated our bid for Freewest when we identified an opportunity to add bulk to our Blackbird deposit where we had completed sufficient exploration work to allow a NI 43-101 resource estimate to be completed. While Noront was focused on defining value for our shareholders by committing the funds necessary to properly and thoroughly explore our chromite deposit, Freewest chose to ignore this obvious, value enhancing option and chose instead to explore for nickel, copper sulphides on their Ring of Fire claims. This forced Freewest to define what they purport to be a "world class" deposit by disclosing a consistently declining series of guesses as to the size and grade of the Black Thor deposit. I believe Freewest's shareholders should question why, with funds and time available, did Freewest's management chose not to add value for their shareholders by defining an NI 43-101 resource at Black Thor? In terms of shareholder value, no other course of action would have provided a greater return for Freewest's shareholders." Mr. Hanson further noted, "Noront recognized this opportunity and on October 2 we contacted Freewest with an Offer that included a proposal to negotiate an agreement over the weekend. This Offer was rebuffed and at no time during the process did Freewest make any effort to engage Noront in discussions that would have benefitted the combined shareholders of Freewest and Noront. I recommend that Freewest's shareholders compare the two Offers for Freewest carefully and determine which one offers the potential for a greater return on their investment? Which company has demonstrated greater concern for their shareholders? Which company has focused on defining the value of its assets through consistent and thorough exploration, leading up to industry-accepted standards in terms of resource exploration? I believe that the choice is obvious. I believe in the future of the Ring of Fire. I believe that Noront's Offer provides greater upside to Freewest's shareholders." Mr. Hanson adds: "Noront will focus on completing the necessary exploration on Freewest's chromite deposits, adding that information to Noront's already outstanding resource at the Blackbird deposit. This will result in a larger, more valuable chromite resource that would attract the attention of global companies that are actively developing and mining chromite and producing ferrochrome. Noront is delighted to be the only North American member of the International Chromite Developers Association (ICDA), an exclusive, invitation-only organization which includes some of the largest chromite miners and ferrochrome producers in the world. Our deposits are well-known to this elite group and they are eager to see how development unfolds."
In Canada, N.M. Rothschild & Sons Canada Limited and Dundee Securities Corporation will act as dealer managers for the Offer and in the United States, Rothschild Inc. will act as dealer manager.
About Noront
Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for the remainder of 2009 and 2010. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com
<<
Wesley (Wes) Hanson
President & Chief Executive Officer
>>
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although Noront has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither 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.
%SEDAR: 00003339E
For further information: regarding this Offer, please contact Wes Hanson, President and Chief Executive Officer or Joanne Jobin, Vice President Corporate Communications at (416) 367-1444, or visit Noront's website at: http://www.norontresources.com
Gruß, Paule
Noront Resources announces a C$0.86 per share final Offer to all Freewest shareholders
06:00 EST Monday, Nov 30, 2009
<<
- Noront Resources is increasing its offer to Freewest shareholders.
Under the new Offer, for each seven (7) Freewest shares held, Noront
will issue two (2) freely tradeable Noront shares and a full five-
year (5) purchase warrant with a strike price of C$4.00.
- The implied value of this offer is C$0.86.
The Noront Offer represents a 173% premium to Freewest's closing share
price the day prior to the announcement of Noront's original Offer.
By tendering shares into the Offer, Freewest shareholders are being given
the opportunity to participate in continuing value creation in the Ring
of Fire
Noront's Offer is full, fair and final and will expire on December 11,
2009 and will not be increased.
Noront has waived all the conditions of its Offer.
Symbol: NOT:TSX-V
Shares Outstanding: 163,631,957
Fully Diluted: 173,461,957
>>
TORONTO, Nov. 30 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) announced today that it has increased its Offer (the "Offer") for Freewest Resources Canada Inc. ("Freewest") (TSX Ventures: FWR) to an implied Offer price of approximately C$0.86 per share (based on Noront's November 27, 2009 closing share price of C$2.25) in a transaction that values the fully diluted share capital of Freewest at approximately C$222 million. Under the Offer, Freewest common shareholders will be entitled to receive:
<<
- one (1) Noront common share for every 3.5 Freewest common share
tendered (the "Exchange Ratio"); plus
- one (1) Noront warrant (the "Noront Warrant"), with each full warrant
entitling the holder to acquire one Noront common share, for every
seven (7) Freewest common shares tendered;
>>
The Noront Warrants will have an exercise price of C$4.00 per Noront common share and will expire five years after the date on which Noront first pays for Freewest common shares tendered to the Offer. Noront will use its best efforts to list these warrants on the TSX Venture Exchange. The Offer is now open until 11.59 pm (Toronto time) on December 11, 2009, unless Noront withdraws the Offer. Noront has waived all the unsatisfied conditions of the original Offer, including the condition that at least 66 2/3% of the total number of common shares outstanding (calculated on a fully-diluted basis) would be validly deposited under the Offer by the Expiry Time. The consideration offered under the new Offer will not be revised, it is the final Offer by Noront and it gives all Freewest Shareholders the opportunity to decide on whether to continue to participate in the maturation of the Ring of Fire.
Those Freewest shareholders who have already tendered their common shares under the terms of the Offer will receive the increased implied Offer price for each common share validly tendered and not withdrawn and are not required to take any further action.
<<
Highlights of the Offer
- Freewest shareholders will, upon successful completion of the Offer,
through their ownership of Noront common shares and warrants
received, continue to benefit from discoveries and developments in
the Ring of Fire and will continue to share in any future increases
in value associated with the development and operation of the
existing portfolios of Noront and Freewest
- Based on the closing price of Noront's common shares on November 27,
2009, of $2.25, the implied Offer price represents a premium of
approximately 173% over Freewest's closing price of $0.315 as at
October 2, 2009 (the day prior to the announcement of Noront's
original Offer).
- Based on the number of fully diluted Freewest common shares, as
publicly disclosed, Noront will issue under the Offer approximately
73.7 million common shares and 36.8 million warrants (assuming
exercise of all in-the-money Freewest warrants and options, and
excluding any shares issuable upon exercise of the Noront warrants)
>>
Noront's Rationale:
Noront believes Freewest's management has failed its shareholders by supporting the Cliffs' Offer, which does not allow shareholders to continue to benefit from the exciting exploration potential of the Ring of Fire. Additionally, Freewest's management has,
<<
(i) negotiated for themselves, preferential treatment for themselves
with respect to their options by receiving cash at a premium to
the current Freewest share price, at the expense of its
shareholders;
(ii) undertaken a private placement from Cliffs' at a discount to the
Cliffs' offer price; and
(iii) agreed to conditions with Cliffs', such as the break fee, and a
timetable for completion that frustrates and hinders other
potential competing offers.
>>
As has been demonstrated by the market's reaction to the Cliffs' Offer, the stated C$0.15 per share value of the New Freewest share is highly inflated and Noront believes it will be difficult for Freewest shareholders to realize any significant value from these shares in the near term due to illiquidity of the stock and expected selling pressure upon listing.
Most importantly, Noront believes that the Freewest management has negotiated a plan of arrangement with Cliffs, that denies Freewest shareholders the opportunity to share in the benefits of any exploration and other potential development of the Freewest assets since they will no longer have exposure to the Ring of Fire.
Noront's President and CEO Wes Hanson notes: "We initiated our bid for Freewest when we identified an opportunity to add bulk to our Blackbird deposit where we had completed sufficient exploration work to allow a NI 43-101 resource estimate to be completed. While Noront was focused on defining value for our shareholders by committing the funds necessary to properly and thoroughly explore our chromite deposit, Freewest chose to ignore this obvious, value enhancing option and chose instead to explore for nickel, copper sulphides on their Ring of Fire claims. This forced Freewest to define what they purport to be a "world class" deposit by disclosing a consistently declining series of guesses as to the size and grade of the Black Thor deposit. I believe Freewest's shareholders should question why, with funds and time available, did Freewest's management chose not to add value for their shareholders by defining an NI 43-101 resource at Black Thor? In terms of shareholder value, no other course of action would have provided a greater return for Freewest's shareholders." Mr. Hanson further noted, "Noront recognized this opportunity and on October 2 we contacted Freewest with an Offer that included a proposal to negotiate an agreement over the weekend. This Offer was rebuffed and at no time during the process did Freewest make any effort to engage Noront in discussions that would have benefitted the combined shareholders of Freewest and Noront. I recommend that Freewest's shareholders compare the two Offers for Freewest carefully and determine which one offers the potential for a greater return on their investment? Which company has demonstrated greater concern for their shareholders? Which company has focused on defining the value of its assets through consistent and thorough exploration, leading up to industry-accepted standards in terms of resource exploration? I believe that the choice is obvious. I believe in the future of the Ring of Fire. I believe that Noront's Offer provides greater upside to Freewest's shareholders." Mr. Hanson adds: "Noront will focus on completing the necessary exploration on Freewest's chromite deposits, adding that information to Noront's already outstanding resource at the Blackbird deposit. This will result in a larger, more valuable chromite resource that would attract the attention of global companies that are actively developing and mining chromite and producing ferrochrome. Noront is delighted to be the only North American member of the International Chromite Developers Association (ICDA), an exclusive, invitation-only organization which includes some of the largest chromite miners and ferrochrome producers in the world. Our deposits are well-known to this elite group and they are eager to see how development unfolds."
In Canada, N.M. Rothschild & Sons Canada Limited and Dundee Securities Corporation will act as dealer managers for the Offer and in the United States, Rothschild Inc. will act as dealer manager.
About Noront
Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for the remainder of 2009 and 2010. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com
<<
Wesley (Wes) Hanson
President & Chief Executive Officer
>>
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although Noront has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither 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.
%SEDAR: 00003339E
For further information: regarding this Offer, please contact Wes Hanson, President and Chief Executive Officer or Joanne Jobin, Vice President Corporate Communications at (416) 367-1444, or visit Noront's website at: http://www.norontresources.com
Gruß, Paule
Na, ob da am Montag vor Eröffnung in Kanada zum Ende des (ersten) Übernahmeangebots für Freewest noch eine News von Noront kommt, um die "Zweifler und Unentschlossenen" zu überzeugen ?
Und da kam sie dann auch, die News von Noront.
Allerdings keine Bohrergebnisse, sondern das "verbesserte" Übernahmeangebot für Freewest.
Und wie ich ebenfalls gestern schon schrieb:
Daher erwarte ich einen weiteren Bieterkampf zwischen Cliffs und Noront (und vielleicht noch anderen "Teilnehmern") !
Und mit der heute von Noront eingeläuteten zweiten Runde, die ja nochmal ordentlich nach oben aufgesattelt hat, bin ich wirklich auf die Cliffs Reaktion gespannt.
Oder kommt da noch etwas ganz Unerwartetes ???
Übrigens:
Findet das denn keiner hier seltsam, dass so ein Junior-Explorer, wie Noront noch (offiziell) einer ist, in einen Bieter-Wettkampf mit einem Produzenten einsteigt und für eine Ressource, von der
a) noch keiner genau weiß, wie groß sie ist (geschweige denn aus was genau alles sie besteht) und
b) nachgewiesen bisher hauptsächlich Chrom enthält, dass bis vor kurzem alle für "wertlos" gehalten haben (kein Bedarf im Markt, zu große weltweite Vorkommen, keine Infrastruktur für den Abbau, zu hohe Abbaukosten, "kritische Masse" nicht erreicht etc.),
ja, das ein Junior-Explorer dafür umgerechnet sagenhafte C$ 222 Mio. auf den Tisch legt (immerhin ca. 60% der eigenen Marktkapitalisierung !!!) ?
Vielleicht wird man ja mit den von mir weiter oben zitierten Zahlen (auch, wenn diese noch unvollständig sind für eine Machbarkeitsstudie) etwas schlauer.
Ist doch wirklich seltsam, dass hier mit derartigen Zahlen um sich geschmissen wird (auch von einem Produzenten) für angeblich wertloses, schwer und kostspielig zu förderndes "Zeug", oder ?
Und noch am Rande:
nicht nur, dass ich jetzt bereits für 3,5 FWR Aktien eine NOT bekomme, auch der Einlösungskurs des Warrants (den ich für 7 FWR Aktien bekomme) ist mit C$ 4,00 ja nicht gerade niedrig.
Hier muß das NOT Management ja ganz schön optimistisch sein, um diesen Kurs für eine "Versüßung" des Übernahmeangebots zu verwenden.
FANTOMAS
P.S.: Ich bin dem viel gescholtenen Mac Watson übrigens sehr dankbar, dass er mir vor einiger Zeit eine ordentliche Menge "gehypter" Quest-Gratis-Aktien hat zukommen lassen (für meine Freewest Anteile) und dass seine RoF Claims mit dem heutigen NOT Angebot eine Verdreifachung meines Anlagewertes bewirkt haben.
Also ich kann mich wahrlich nicht über seine Performance beschweren und gönne ihm ein gutes Stück vom Kuchen.
P.P.S.: Übrigens scheint der Markt dieses Übernahmeangebot als positiv (trotz der NOT Verwässerung) aufgenommen zu haben.
Sowohl NOT als auch FWR haben kursmäßig bei gutem Volumen zugelegt (normalerweise "leidet" der Übernehmer eher bei einem solchen Deal, wenn der Markt ihn für "zu teuer" hält).
Von daher sehe ich weiterhin sehr positiv in die nähere Zukunft.
Und da kam sie dann auch, die News von Noront.
Allerdings keine Bohrergebnisse, sondern das "verbesserte" Übernahmeangebot für Freewest.
Und wie ich ebenfalls gestern schon schrieb:
Daher erwarte ich einen weiteren Bieterkampf zwischen Cliffs und Noront (und vielleicht noch anderen "Teilnehmern") !
Und mit der heute von Noront eingeläuteten zweiten Runde, die ja nochmal ordentlich nach oben aufgesattelt hat, bin ich wirklich auf die Cliffs Reaktion gespannt.
Oder kommt da noch etwas ganz Unerwartetes ???
Übrigens:
Findet das denn keiner hier seltsam, dass so ein Junior-Explorer, wie Noront noch (offiziell) einer ist, in einen Bieter-Wettkampf mit einem Produzenten einsteigt und für eine Ressource, von der
a) noch keiner genau weiß, wie groß sie ist (geschweige denn aus was genau alles sie besteht) und
b) nachgewiesen bisher hauptsächlich Chrom enthält, dass bis vor kurzem alle für "wertlos" gehalten haben (kein Bedarf im Markt, zu große weltweite Vorkommen, keine Infrastruktur für den Abbau, zu hohe Abbaukosten, "kritische Masse" nicht erreicht etc.),
ja, das ein Junior-Explorer dafür umgerechnet sagenhafte C$ 222 Mio. auf den Tisch legt (immerhin ca. 60% der eigenen Marktkapitalisierung !!!) ?
Vielleicht wird man ja mit den von mir weiter oben zitierten Zahlen (auch, wenn diese noch unvollständig sind für eine Machbarkeitsstudie) etwas schlauer.
Ist doch wirklich seltsam, dass hier mit derartigen Zahlen um sich geschmissen wird (auch von einem Produzenten) für angeblich wertloses, schwer und kostspielig zu förderndes "Zeug", oder ?
Und noch am Rande:
nicht nur, dass ich jetzt bereits für 3,5 FWR Aktien eine NOT bekomme, auch der Einlösungskurs des Warrants (den ich für 7 FWR Aktien bekomme) ist mit C$ 4,00 ja nicht gerade niedrig.
Hier muß das NOT Management ja ganz schön optimistisch sein, um diesen Kurs für eine "Versüßung" des Übernahmeangebots zu verwenden.
FANTOMAS
P.S.: Ich bin dem viel gescholtenen Mac Watson übrigens sehr dankbar, dass er mir vor einiger Zeit eine ordentliche Menge "gehypter" Quest-Gratis-Aktien hat zukommen lassen (für meine Freewest Anteile) und dass seine RoF Claims mit dem heutigen NOT Angebot eine Verdreifachung meines Anlagewertes bewirkt haben.
Also ich kann mich wahrlich nicht über seine Performance beschweren und gönne ihm ein gutes Stück vom Kuchen.
P.P.S.: Übrigens scheint der Markt dieses Übernahmeangebot als positiv (trotz der NOT Verwässerung) aufgenommen zu haben.
Sowohl NOT als auch FWR haben kursmäßig bei gutem Volumen zugelegt (normalerweise "leidet" der Übernehmer eher bei einem solchen Deal, wenn der Markt ihn für "zu teuer" hält).
Von daher sehe ich weiterhin sehr positiv in die nähere Zukunft.
Antwort auf Beitrag Nr.: 38.483.203 von Fantomas96 am 01.12.09 00:29:15
(wenn man sieht, dass Du auch bei Quest Uranium &Colossus dabei warst/bist)Du scheinst ja momentan einen Treffer nach dem anderen zu haben -Gratulation!
Ich hoffe die Kinder merken das an Ihren Weihnachtsgeschenken.
Gruß,
Popeye
(wenn man sieht, dass Du auch bei Quest Uranium &Colossus dabei warst/bist)Du scheinst ja momentan einen Treffer nach dem anderen zu haben -Gratulation!
Ich hoffe die Kinder merken das an Ihren Weihnachtsgeschenken.
Gruß,
Popeye
FWR wird durch den Übernahmekampf in neue Höhen katapultiert:
Obwohl FWR sich noch nicht offiziell zum neuen Noront-Angebot geäußert hat, wurde heute das Private Placement mit Cliffs geschlossen:
http://finance.yahoo.com/news/Freewest-Completes-41-Million-…
Freewest Completes $4.1 Million Private Placement to Cliffs Natural Resources Inc.
- Freewest issues 6,908,440 shares to Cliffs at a price of $0.60 per share, for proceeds to Freewest of $4,145,064
Der Kurs ging heute unter großem Volumen (über 4,5 Mio. Aktien gehandelt) auf einen neuen Höchststand mit CAD 0,80 !
FANTOMAS
Obwohl FWR sich noch nicht offiziell zum neuen Noront-Angebot geäußert hat, wurde heute das Private Placement mit Cliffs geschlossen:
http://finance.yahoo.com/news/Freewest-Completes-41-Million-…
Freewest Completes $4.1 Million Private Placement to Cliffs Natural Resources Inc.
- Freewest issues 6,908,440 shares to Cliffs at a price of $0.60 per share, for proceeds to Freewest of $4,145,064
Der Kurs ging heute unter großem Volumen (über 4,5 Mio. Aktien gehandelt) auf einen neuen Höchststand mit CAD 0,80 !
FANTOMAS
Nachdem Cliffs gestern die jüngste Finanzierungsrunde mit Freewest abgeschlossen hat (C$ 0,60 pro Aktie), haben sie heute vorzeitig ihre Warrants aus dem letzten Private Placement vom Juni 2009 (C$ 0,45 pro Warrant) eingelöst (deren Wert sich mit der heutigen Einlösung fast verdoppelt hat !!!).
Somit hält Cliffs mittlerweile 29.033.440 Freewest Aktien oder umgerechnet 12.65% aller ausstehenden Aktien !
Hier die heutige News:
http://finance.yahoo.com/news/Freewest-Announces-Exercise-cc…
Freewest Announces Exercise of Warrants by Cliffs Natural Resources Inc.
- Freewest to issue 7,375,000 shares to Cliffs at a price of $0.45 per share, for proceeds to Freewest of $3,318,750
MONTREAL, QUEBEC--(Marketwire - Dec. 1, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR - News) announces that it has been notified by Cliffs Natural Resources Inc. (NYSE:CLF - News; PARIS:CLF - News) that Cliffs intends to exercise all of its 7,375,000 Freewest warrants at a price of $0.45 per share. Upon the exercise of the warrants, Freewest will receive proceeds of $3,318,750. Cliffs acquired the warrants in June 2009 as part of a $5.16 million private placement with Freewest.
The proceeds from the exercise of the warrants will be used by Freewest for working capital purposes and for continuing work on Freewest's 100%-owned McFaulds property.
Upon the exercise of the warrants, to Freewest's knowledge, Cliffs will indirectly hold 29,033,440 Freewest shares, representing approximately 12.65% of the 229,508,479 shares that will be issued and outstanding.
About Freewest
Freewest is a mineral exploration company actively exploring for gold, base-metals and chromite within eastern Canada. Corporate information can be accessed on the Internet at www.freewest.com. Freewest's shares are listed on Tier 1 of the TSX Venture Exchange under the symbol FWR.
Georgeson Inc. is acting as Freewest's solicitation agent in connection with a proposed Plan of Arrangement with Cliffs Natural Resources Inc. Georgeson may be contacted as follows:
100 University Avenue
11th Floor, South Tower
Toronto, Ontario
M5J 2Y1
FANTOMAS
P.S.: FWR heute auf neuem Mehrjahreshoch von C$ 0,85 bei großem Volumen geschlossen !
Somit hält Cliffs mittlerweile 29.033.440 Freewest Aktien oder umgerechnet 12.65% aller ausstehenden Aktien !
Hier die heutige News:
http://finance.yahoo.com/news/Freewest-Announces-Exercise-cc…
Freewest Announces Exercise of Warrants by Cliffs Natural Resources Inc.
- Freewest to issue 7,375,000 shares to Cliffs at a price of $0.45 per share, for proceeds to Freewest of $3,318,750
MONTREAL, QUEBEC--(Marketwire - Dec. 1, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR - News) announces that it has been notified by Cliffs Natural Resources Inc. (NYSE:CLF - News; PARIS:CLF - News) that Cliffs intends to exercise all of its 7,375,000 Freewest warrants at a price of $0.45 per share. Upon the exercise of the warrants, Freewest will receive proceeds of $3,318,750. Cliffs acquired the warrants in June 2009 as part of a $5.16 million private placement with Freewest.
The proceeds from the exercise of the warrants will be used by Freewest for working capital purposes and for continuing work on Freewest's 100%-owned McFaulds property.
Upon the exercise of the warrants, to Freewest's knowledge, Cliffs will indirectly hold 29,033,440 Freewest shares, representing approximately 12.65% of the 229,508,479 shares that will be issued and outstanding.
About Freewest
Freewest is a mineral exploration company actively exploring for gold, base-metals and chromite within eastern Canada. Corporate information can be accessed on the Internet at www.freewest.com. Freewest's shares are listed on Tier 1 of the TSX Venture Exchange under the symbol FWR.
Georgeson Inc. is acting as Freewest's solicitation agent in connection with a proposed Plan of Arrangement with Cliffs Natural Resources Inc. Georgeson may be contacted as follows:
100 University Avenue
11th Floor, South Tower
Toronto, Ontario
M5J 2Y1
FANTOMAS
P.S.: FWR heute auf neuem Mehrjahreshoch von C$ 0,85 bei großem Volumen geschlossen !
Neues Angebot von Cliffs!
Also so werden Sie die Anteile nicht zusammen bekommen, da muss schon noch einiges mehr draufgelegt werden!
Freewest Announces Increase in Purchase Price to $0.90 Per Share for Acquisition by Cliffs Natural Resources Inc.
- Cliffs to acquire 100% of outstanding Freewest shares
- Each Freewest shareholder to receive C$0.90 in shares of Cliffs, placing a value on Freewest of approximately C$211 million
- Amended transaction represents a 185.7% premium to Freewest's closing price on October 2, 2009, immediately prior to the announcement of the unsolicited offer by Noront Resources Ltd., and a 5.9% premium to Freewest's closing price on December 2, 2009
- Freewest Board of Directors unanimously supports amended Cliffs transaction
MONTREAL, QUEBEC--(Marketwire - Dec. 3, 2009) - The Board of Directors of Freewest Resources Canada Inc. (TSX VENTURE:FWR) is pleased to announce that Freewest and Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF) have amended their previously-announced Arrangement Agreement. Under the amended Arrangement Agreement, Cliffs will acquire all of the shares of Freewest in a Board-supported transaction at a price of C$0.90 per Freewest share, placing a value on Freewest of approximately C$211 million. Under the terms of the amended Arrangement Agreement, Freewest shareholders will receive a fraction of a Cliffs share representing a fixed value of C$0.90 for each Freewest share.
"We are very pleased to announce this amended agreement with Cliffs", said Mackenzie I. Watson, President and Chief Executive Officer of Freewest. "The purchase price has increased from an estimated C$0.70 per share, the value offered by Cliffs under the original terms of the Arrangement Agreement, to a firm C$0.90 per share, now comprised exclusively of Cliffs shares. We believe this transaction is clearly superior to the amended offer made by Noront Resources, comprised of uncertain value in the form of Noront shares and warrants. As I stated before, the Cliffs transaction will provide Freewest shareholders with highly-liquid shares in a company with a market capitalization in excess of US$6 billion."
The transaction, as amended, will be effected by way of Plan of Arrangement. Freewest expects to mail a management proxy circular to shareholders shortly for a special meeting of shareholders to be held on January 15, 2010. It is expected that the transaction will be completed soon after the special shareholders' meeting.
The amended transaction with Cliffs has the unanimous support of a Special Committee of the Board of Directors of Freewest, and of the entire Board. The decision of the Board was based in part on a fairness opinion provided by CIBC World Markets Inc., the Board's financial advisor. A copy of the fairness opinion will be included in Freewest's management proxy circular.
The details of the amended agreement with Cliffs are as follows:
Freewest shareholders will receive C$0.90 per share in fixed value of Cliffs shares, with the precise number of Cliffs shares to be based on their market value on the NYSE shortly before the effective date of the transaction, expected to be in January 2010
all holders of vested "in-the-money" Freewest warrants and stock options will receive a cash payment equal to the difference between C$0.90 and the exercise price of the warrants or stock options
all of Freewest's directors and officers have entered into voting support agreements with Cliffs under which they have agreed to vote all of their shares in favour of the transaction
"I want to emphasize that the transaction with Cliffs guarantees value of C$0.90 per share on closing", added Mr. Watson. "Cliffs' proposal provides not only a higher value, it is also far less volatile than Noront's hostile bid, which offers a fixed ratio of Noront shares and warrants for each Freewest share as consideration, and therefore a fluctuating value."
Freewest's Board of Directors unanimously recommends that Freewest shareholders approve the transaction with Cliffs, as amended, at the forthcoming special meeting of shareholders. The Board of Directors recommends that Freewest shareholders REJECT the hostile take-over bid made by Noront on October 13, 2009, as amended on December 1, 2009, and NOT tender their shares to the Noront offer, which will expire on December 11, 2009. The Board of Directors maintains its view that the Noront offer is financially inadequate and opportunistic, and fails to recognize the strategic value of Freewest's assets and its future value-creation.
As previously announced, the Arrangement Agreement with Cliffs, as amended, contains, among other things, a non-solicitation covenant by Freewest, subject to customary provisions that entitle Freewest to consider and accept a superior proposal; a right in favour of Cliffs to match any superior proposal; and the payment by Freewest to Cliffs of a termination payment equal to C$8.45 million if the transaction is not completed as a result of a superior proposal, and in certain other circumstances.
The transaction between Freewest and Cliffs, as amended, is subject to a number of conditions, including obtaining the approval of at least two-thirds of the Freewest shares voted at a special meeting of shareholders, and a simple majority of the Freewest shares voted at the special meeting, other than shares held by certain officers of Freewest. The transaction is also subject to court approval as a plan of arrangement and a number of other customary conditions.
Freewest also announces that it has completed the issuance to Cliffs of 7,375,000 common shares at a price of C$0.45 per share, following the exercise by Cliffs of all Freewest warrants held by it. Freewest received proceeds of C$3,318,750 upon the exercise of the warrants. As a result of the share issuance, to Freewest's knowledge, Cliffs indirectly holds 29,033,440 Freewest shares, representing approximately 12.4% of Freewest's 234,829,907 issued and outstanding shares.
Also so werden Sie die Anteile nicht zusammen bekommen, da muss schon noch einiges mehr draufgelegt werden!
Freewest Announces Increase in Purchase Price to $0.90 Per Share for Acquisition by Cliffs Natural Resources Inc.
- Cliffs to acquire 100% of outstanding Freewest shares
- Each Freewest shareholder to receive C$0.90 in shares of Cliffs, placing a value on Freewest of approximately C$211 million
- Amended transaction represents a 185.7% premium to Freewest's closing price on October 2, 2009, immediately prior to the announcement of the unsolicited offer by Noront Resources Ltd., and a 5.9% premium to Freewest's closing price on December 2, 2009
- Freewest Board of Directors unanimously supports amended Cliffs transaction
MONTREAL, QUEBEC--(Marketwire - Dec. 3, 2009) - The Board of Directors of Freewest Resources Canada Inc. (TSX VENTURE:FWR) is pleased to announce that Freewest and Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF) have amended their previously-announced Arrangement Agreement. Under the amended Arrangement Agreement, Cliffs will acquire all of the shares of Freewest in a Board-supported transaction at a price of C$0.90 per Freewest share, placing a value on Freewest of approximately C$211 million. Under the terms of the amended Arrangement Agreement, Freewest shareholders will receive a fraction of a Cliffs share representing a fixed value of C$0.90 for each Freewest share.
"We are very pleased to announce this amended agreement with Cliffs", said Mackenzie I. Watson, President and Chief Executive Officer of Freewest. "The purchase price has increased from an estimated C$0.70 per share, the value offered by Cliffs under the original terms of the Arrangement Agreement, to a firm C$0.90 per share, now comprised exclusively of Cliffs shares. We believe this transaction is clearly superior to the amended offer made by Noront Resources, comprised of uncertain value in the form of Noront shares and warrants. As I stated before, the Cliffs transaction will provide Freewest shareholders with highly-liquid shares in a company with a market capitalization in excess of US$6 billion."
The transaction, as amended, will be effected by way of Plan of Arrangement. Freewest expects to mail a management proxy circular to shareholders shortly for a special meeting of shareholders to be held on January 15, 2010. It is expected that the transaction will be completed soon after the special shareholders' meeting.
The amended transaction with Cliffs has the unanimous support of a Special Committee of the Board of Directors of Freewest, and of the entire Board. The decision of the Board was based in part on a fairness opinion provided by CIBC World Markets Inc., the Board's financial advisor. A copy of the fairness opinion will be included in Freewest's management proxy circular.
The details of the amended agreement with Cliffs are as follows:
Freewest shareholders will receive C$0.90 per share in fixed value of Cliffs shares, with the precise number of Cliffs shares to be based on their market value on the NYSE shortly before the effective date of the transaction, expected to be in January 2010
all holders of vested "in-the-money" Freewest warrants and stock options will receive a cash payment equal to the difference between C$0.90 and the exercise price of the warrants or stock options
all of Freewest's directors and officers have entered into voting support agreements with Cliffs under which they have agreed to vote all of their shares in favour of the transaction
"I want to emphasize that the transaction with Cliffs guarantees value of C$0.90 per share on closing", added Mr. Watson. "Cliffs' proposal provides not only a higher value, it is also far less volatile than Noront's hostile bid, which offers a fixed ratio of Noront shares and warrants for each Freewest share as consideration, and therefore a fluctuating value."
Freewest's Board of Directors unanimously recommends that Freewest shareholders approve the transaction with Cliffs, as amended, at the forthcoming special meeting of shareholders. The Board of Directors recommends that Freewest shareholders REJECT the hostile take-over bid made by Noront on October 13, 2009, as amended on December 1, 2009, and NOT tender their shares to the Noront offer, which will expire on December 11, 2009. The Board of Directors maintains its view that the Noront offer is financially inadequate and opportunistic, and fails to recognize the strategic value of Freewest's assets and its future value-creation.
As previously announced, the Arrangement Agreement with Cliffs, as amended, contains, among other things, a non-solicitation covenant by Freewest, subject to customary provisions that entitle Freewest to consider and accept a superior proposal; a right in favour of Cliffs to match any superior proposal; and the payment by Freewest to Cliffs of a termination payment equal to C$8.45 million if the transaction is not completed as a result of a superior proposal, and in certain other circumstances.
The transaction between Freewest and Cliffs, as amended, is subject to a number of conditions, including obtaining the approval of at least two-thirds of the Freewest shares voted at a special meeting of shareholders, and a simple majority of the Freewest shares voted at the special meeting, other than shares held by certain officers of Freewest. The transaction is also subject to court approval as a plan of arrangement and a number of other customary conditions.
Freewest also announces that it has completed the issuance to Cliffs of 7,375,000 common shares at a price of C$0.45 per share, following the exercise by Cliffs of all Freewest warrants held by it. Freewest received proceeds of C$3,318,750 upon the exercise of the warrants. As a result of the share issuance, to Freewest's knowledge, Cliffs indirectly holds 29,033,440 Freewest shares, representing approximately 12.4% of Freewest's 234,829,907 issued and outstanding shares.
Aus agoracom "entliehen":
What will NOT do?
posted on Dec 03, 09 01:40PM
Joanne Jobin, Noront's vice-president of corporate
communications, said the company did not plan to raise its bid,
but noted she had not yet consulted with the board of directors
to finalize that position.
"We could keep raising our bid and Cliffs could outbid us
until the cows come home, to be frank," she told Reuters.
"We cannot dilute our position any more for our
shareholders, so that's where we're at."
Well there you go. NOT probably won't increase their bid. This means that Wes must be planning on raising NOTs sp to entice FWR shareholders with this flurry of NRs they talked about. By my quick and very rudimentary calculations NOT needs to get to 3.15 or so to match Cliffs .90 bid, not including the $4.00 warrant. If no other bids were to come a NOT sp of over 3.15 would probably get my shares and I would get a bunch of free warrants essentially.
+
Außerdem noch interessant:
Freewest Will Hold a Conference Call to Discuss the Increased Offer From Cliffs
posted on Dec 03, 09 01:44PM
MONTREAL, QUEBEC--(Dec. 3, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) will hold a conference call to discuss the increased offer and proposed plan of arrangement with Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF).
The conference call will be held at 09:00 EST, on Friday, December 4, 2009. Interested parties may also access the conference call by webcast at: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2910…
A copy of the investor presentation that will be discussed during the call will also be available on Freewest's website at www.freewest.com
The telephone numbers to access the conference call are 1-888-231-8191 (toll-free North America) or 514-807-9895.
OPEN TO: Analysts, investors and all interested parties
DATE: December 4, 2009
TIME: 09:00 Eastern Time
Freundliche Grüße
supernova
What will NOT do?
posted on Dec 03, 09 01:40PM
Joanne Jobin, Noront's vice-president of corporate
communications, said the company did not plan to raise its bid,
but noted she had not yet consulted with the board of directors
to finalize that position.
"We could keep raising our bid and Cliffs could outbid us
until the cows come home, to be frank," she told Reuters.
"We cannot dilute our position any more for our
shareholders, so that's where we're at."
Well there you go. NOT probably won't increase their bid. This means that Wes must be planning on raising NOTs sp to entice FWR shareholders with this flurry of NRs they talked about. By my quick and very rudimentary calculations NOT needs to get to 3.15 or so to match Cliffs .90 bid, not including the $4.00 warrant. If no other bids were to come a NOT sp of over 3.15 would probably get my shares and I would get a bunch of free warrants essentially.
+
Außerdem noch interessant:
Freewest Will Hold a Conference Call to Discuss the Increased Offer From Cliffs
posted on Dec 03, 09 01:44PM
MONTREAL, QUEBEC--(Dec. 3, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) will hold a conference call to discuss the increased offer and proposed plan of arrangement with Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF).
The conference call will be held at 09:00 EST, on Friday, December 4, 2009. Interested parties may also access the conference call by webcast at: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2910…
A copy of the investor presentation that will be discussed during the call will also be available on Freewest's website at www.freewest.com
The telephone numbers to access the conference call are 1-888-231-8191 (toll-free North America) or 514-807-9895.
OPEN TO: Analysts, investors and all interested parties
DATE: December 4, 2009
TIME: 09:00 Eastern Time
Freundliche Grüße
supernova
Cliffs, Noront spar over Freewest assets
Mon Dec 7, 2009
http://www.reuters.com/article/idAFN0715569520091207?rpc=44
TORONTO, Dec 7 (Reuters) - The battle to acquire exploration company Freewest Resources (FWR.V) and its chromite assets in northern Ontario escalated further on Monday, with Cliffs Natural Resources (CLF.N) accusing rival bidder Noront Resources (NOT.V) of issuing false and misleading claims.
Last month, Noront boosted its offer to buy fellow Canadian miner Freewest, attempting to top a rival bid from U.S.-based Cliffs Natural Resources.
Noront said its offer of two shares and one purchase warrant for every seven Freewest shares is worth about C$222 million ($210 million). Cliffs' friendly offer values Freewest at about C$211 million.
Both Freewest and Cliffs dispute Noront's claim that its offer is worth C$0.86 per Freewest share. The two companies also allege that Noront's official filings with Canadian regulators omit certain claims that the company made in its press release.
"Noront has grossly overstated the value of its bid by, among other things, using inappropriately aggressive assumptions to value the warrant component of its offer," Cliffs said in a statement.
Freewest's board has unanimously recommended that shareholders not tender their shares to the Noront offer and vote in favor of a deal with Cliffs at a special meeting of shareholders that will be held next month.
Last week, Noront said the Cliffs offer continues to be highly conditional, while its own offer is unconditional.
Chromite is an essential raw material for the production of chromium, which is used in the production of stainless steel. Cliffs produces iron ore pellets and coal for steel makers. (Reporting by Euan Rocha, editing by Dave Zimmerman)
FANTOMAS
Mon Dec 7, 2009
http://www.reuters.com/article/idAFN0715569520091207?rpc=44
TORONTO, Dec 7 (Reuters) - The battle to acquire exploration company Freewest Resources (FWR.V) and its chromite assets in northern Ontario escalated further on Monday, with Cliffs Natural Resources (CLF.N) accusing rival bidder Noront Resources (NOT.V) of issuing false and misleading claims.
Last month, Noront boosted its offer to buy fellow Canadian miner Freewest, attempting to top a rival bid from U.S.-based Cliffs Natural Resources.
Noront said its offer of two shares and one purchase warrant for every seven Freewest shares is worth about C$222 million ($210 million). Cliffs' friendly offer values Freewest at about C$211 million.
Both Freewest and Cliffs dispute Noront's claim that its offer is worth C$0.86 per Freewest share. The two companies also allege that Noront's official filings with Canadian regulators omit certain claims that the company made in its press release.
"Noront has grossly overstated the value of its bid by, among other things, using inappropriately aggressive assumptions to value the warrant component of its offer," Cliffs said in a statement.
Freewest's board has unanimously recommended that shareholders not tender their shares to the Noront offer and vote in favor of a deal with Cliffs at a special meeting of shareholders that will be held next month.
Last week, Noront said the Cliffs offer continues to be highly conditional, while its own offer is unconditional.
Chromite is an essential raw material for the production of chromium, which is used in the production of stainless steel. Cliffs produces iron ore pellets and coal for steel makers. (Reporting by Euan Rocha, editing by Dave Zimmerman)
FANTOMAS
Und Freewest geht im Bieterstreit über die CAD 0,90-Marke :
FANTOMAS
FANTOMAS
CLF / FWR schießen einen News Release nach dem anderen zum "Bieterstreit" raus:
http://finance.yahoo.com/news/Cliffs-Natural-Resources-Inc-c…
Cliffs Natural Resources Inc. Urges Freewest Shareholders to Disregard Noront's False and Misleading Claims
- Noront has grossly overstated the value of its bid for Freewest
- Cliffs and Freewest petitioning AMF to investigate Noront's public statements and potential trading irregularities in Noront stock
CLEVELAND, OHIO--(Marketwire - Dec. 7, 2009) - Cliffs Natural Resources Inc. (NYSE:CLF - News; PARIS:CLF - News) is urging shareholders of Freewest Resources Canada Inc. (TSX VENTURE:FWR - News) to disregard false and misleading statements being made by Noront Resources Ltd. in support of its increasingly desperate take-over bid for Freewest.
Counter to what Noront promotes:
- Noront's chromite deposits are smaller, thinner and deeper than Freewest's, are unlikely to be developed for decades and, as a result, there are no synergies in consolidating Noront's and Freewest's chromite deposits;
- Noront has grossly overstated the value of its bid by, among other things, using inappropriately aggressive assumptions to value the warrant component of its offer, an indisputable fact based on market trading;
- There are no significant tax savings from Noront's offer, only a tax deferral if a shareholder does not sell the Noront shares.
Cliffs and Freewest are petitioning the Quebec Autorite des marches financiers to investigate Noront's public statements, deficiencies in its regulatory filings and potential irregularities in the trading of Noront stock, and to take appropriate action.
"Noront is exaggerating the value of its bid as well as the potential for synergies between Freewest's and Noront's chromite assets," said Joseph Carrabba, president, chairman and CEO of Cliffs. "We believe only one mine will be developed. It will be a surface operation on one of the Freewest properties rather than an underground mine on Noront's deeper, thinner and discontinuous deposit. The simple fact is that the scale and quality of Freewest's massive 2.5 km long chromite deposits render the Noront chromite properties completely irrelevant in the Ring of Fire."
"Based on a year of technical work by Cliffs, we can say with confidence that Freewest's deposits are readily developable and more than sufficient to meet market demand for the foreseeable future. Consequently, we believe it is highly unlikely that Noront's inferior properties will be developed. This underscores the risk to Freewest shareholders of owning Noront shares. It explains why Noront wants to acquire Freewest. And it is why Cliffs has no interest in acquiring Noront or its chromium deposits. Freewest shareholders should not be taken in by Noront's false and misleading claims," Mr. Carrabba added.
Cliffs urges Freewest shareholders to consider the following facts.
- Noront's offer includes a fraction of a warrant for each Freewest share that has a much lower value than advertised and which ultimately may prove to be of zero value to Freewest shareholders. Noront promoted a value for that fractional warrant of $0.22 per Freewest share. Traditional valuation methods - and the market trading activity on the date of that announcement - indicate the actual value of the warrant is less than half that amount. Only inappropriately aggressive assumptions can be used to arrive at the warrant valuation claimed by Noront. We believe Noront did this deliberately to mislead investors who are not experts in valuing such complex and speculative securities. Based on Noront's valuation, the fractional warrant represents 26% of the consideration it has offered to Freewest shareholders.
- Excluding the fractional warrant, Noront's offer had an implied value of just $0.64 per Freewest share upon its announcement on November 30, and has traded as low as $0.55 within the past 21 days. While Noront's share price has increased since then, it appears to have done so on the basis of false and misleading statements. At $0.64 per Freewest share, the announced value of Noront's increased share consideration represents a 29% discount to the fixed and certain value of $0.90 per share being offered by Cliffs.
- Noront has made bold pronouncements about the value of its offer in press releases that it has chosen not to include in filings with securities regulators, which must be certified by officers or directors of Noront. These omissions violate applicable securities law and are a strong indication that Noront knows its public statements are misleading.
- Noront's CEO Wes Hanson has publicly stated that Noront believes that Cliffs is inexperienced in mine development, and inferred that Noront is more capable of developing these properties and associated infrastructure. This is an absurd statement. Cliffs has 160 years of mine development and operating experience and is the largest producer of iron ore pellets to the North American steel industry. The steel industry is the ultimate customer for the products of a new chromite operation in the Ring of Fire. Cliffs has a market capitalization in excess of US$6 billion and has the capability to finance the development of Freewest's chromite deposits. Noront is an exploration company with no track record of bringing mines into production and working capital at July 31, 2009 of only $15.4 million.
- Current and future Noront shareholders are at risk of significant dilution that could depress the value of Noront shares. Noront currently contemplates diluting its existing shareholders by 39% without requesting its shareholders' approval. Cliffs estimates that development of Freewest's deposits would require up to $800 million in capital. With a market capitalization range of $250 to $400 million over the last 21 days, Noront's shares would be subject to significant dilution - also without shareholder approval -- should Noront attempt to develop a chromite mine or attract a strategic partner.
- Contrary to false claims by Noront, the tax treatment for Freewest's Canadian resident shareholders receiving Cliffs shares is equivalent to the tax treatment of receiving cash. In general, any taxes resulting from the Cliffs transaction will not be payable by individual Freewest shareholders resident in Canada until April 2011. Noront has compared the after-tax value of receiving Cliffs shares by a hypothetical Freewest shareholder having a low cost base to the pre-tax value of receiving Noront's shares and warrants. This is deliberately misleading to Freewest shareholders and exaggerates the tax benefits of Noront's offer. Freewest shareholders that tender to Noront's bid and receive Noront shares and warrants as consideration will not save any tax, but merely defer the payment of taxes for so long as they continue to hold the Noront shares and warrants. Cliffs believes the comparison of pre-tax and after-tax values is blatantly inappropriate and advises Freewest shareholders to seek independent tax advice rather than rely on Noront's misleading claims.
- In considering the value of Noront shares, Freewest shareholders also should be aware of the recent timing and questionable disclosure of certain Noront press releases. Before market open on Thursday, November 19, 2009, Noront released its very first public statement of "mineralized material" at its Eagle's Nest property, quoting both estimated tonnage and grades. None of these statements were supported by National Instrument 43-101, which governs how public companies disclose scientific and technical information about mineral projects in Canada. The timing and disclosure were in Cliffs' view meant to manipulate the Noront share price and impact the perceived value of its bid for Freewest. After aggressively marketing these statements to investors throughout the day, resulting in an 39% increase in Noront's share price, Noront released a "clarification" of its earlier press release at 3:27pm ET that afternoon stating that its earlier release had not followed the requirements of NI 43-101. Those requirements include disclosing that their results were conceptual in nature, there has been insufficient exploration to define a mineral resource, and that it is uncertain whether further exploration will result in discovery of a mineral resource.
The requirements of NI 43-101 are well understood by Noront and its legal and financial advisors. Cliffs does not believe the omission of the above cautionary language was made in error.
- Freewest's Board of Directors continues to unanimously recommend Cliffs' offer, which has also received strong support from the vast majority of Freewest shareholders canvassed to date.
- Moreover, when Cliffs and Freewest entered into a definitive arrangement agreement on November 23, 2009, Freewest's senior management agreed to reduce the change of control payments due to them from $6.5 million to $2.5 million. Management did so because they believe Cliffs' offer is in the best interests of Freewest and its shareholders.
Cliffs strongly believes that, after considering all of the facts, Freewest shareholders will conclude that the Cliffs transaction provides far superior value, certainty and liquidity for Freewest shareholders.
Cliffs currently owns approximately 12.4% of Freewest Resources. Freewest's Board unanimously supports the amended definitive agreement and recommends that all shareholders accept Cliffs' offer. This recommendation is also supported by a Fairness Opinion from Freewest's independent financial advisor. The transaction is expected to close shortly following the meeting of Freewest shareholders scheduled to be held on January 15, 2010, subject to a number of customary conditions including approval by Freewest shareholders and consent of the court.
To be added to Cliffs Natural Resources e-mail distribution list, please click on the link below:
http://www.cpg-llc.com/clearsite/clf/emailoptin.html
About Cliffs Natural Resources Inc.
Cliffs Natural Resources (NYSE:CLF - News; PARIS:CLF - News) is an international mining and natural resources company. We are the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. With core values of environmental and capital stewardship, our colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Our Company is organized through three geographic business units:
The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Eastern Canada, and two coking coal mining complexes located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The South American business unit includes a 30% interest in the Amapa Project, an iron ore project in the state of Amapa in Brazil.
Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world's largest and fastest growing steel markets.
News releases and other information on the Company are available on the Internet at:
http://www.cliffsnaturalresources.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This news release contains predictive statements that are intended to be made as "forward-looking" within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Although we believe that our forward-looking statements are based on reasonable assumptions, such statements are subject to risk and uncertainties.
Actual results may differ materially from such statements for a variety of reasons, including the inability to close the proposed transaction as a result of competing acquisition proposals, the inability to obtain necessary court approvals for the acquisition and the failure to receive the necessary affirmative vote of Freewest shareholders. Other factors that could impact actual results include the following: demand for ferrochrome by global integrated steel producers; the impact of consolidation and rationalization in the steel industry; availability of capital equipment and component parts; availability of rail and float capacity; availability and cost of capital; ability to maintain adequate liquidity and to access capital markets; events or circumstances that could impair or adversely impact the viability and carrying value of the Freewest assets; inability to achieve expected production levels; reductions in current resource estimates; impacts of increasing governmental regulation, including failure to receive or maintain required environmental permits; problems with productivity, third-party contractors, labor disputes, disputes with indigenous tribes in the area, weather conditions, fluctuations in ore grade and changes in other cost factors, including energy costs and transportation.
Reference is also made to the detailed explanation of the many factors and risks that may cause such predictive statements to turn out differently, set forth in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and previous news releases filed with the Securities and Exchange Commission, which are publicly available on Cliffs Natural Resources' website. The information contained in this document speaks as of the date of this news release and may be superseded by subsequent events.
Contact:
Cliffs Natural Resources Inc.INVESTOR AND FINANCIAL MEDIA CONTACTS:Steve BaisdenDirector, Investor Relations and Corporate Communications(216) 694-5280steve.baisden@cliffsnr.comChristine DreschCliffs Natural Resources Inc.Manager - Corporate Communications(216) 694-4052christine.dresch@cliffsnr.com
FANTOMAS
http://finance.yahoo.com/news/Cliffs-Natural-Resources-Inc-c…
Cliffs Natural Resources Inc. Urges Freewest Shareholders to Disregard Noront's False and Misleading Claims
- Noront has grossly overstated the value of its bid for Freewest
- Cliffs and Freewest petitioning AMF to investigate Noront's public statements and potential trading irregularities in Noront stock
CLEVELAND, OHIO--(Marketwire - Dec. 7, 2009) - Cliffs Natural Resources Inc. (NYSE:CLF - News; PARIS:CLF - News) is urging shareholders of Freewest Resources Canada Inc. (TSX VENTURE:FWR - News) to disregard false and misleading statements being made by Noront Resources Ltd. in support of its increasingly desperate take-over bid for Freewest.
Counter to what Noront promotes:
- Noront's chromite deposits are smaller, thinner and deeper than Freewest's, are unlikely to be developed for decades and, as a result, there are no synergies in consolidating Noront's and Freewest's chromite deposits;
- Noront has grossly overstated the value of its bid by, among other things, using inappropriately aggressive assumptions to value the warrant component of its offer, an indisputable fact based on market trading;
- There are no significant tax savings from Noront's offer, only a tax deferral if a shareholder does not sell the Noront shares.
Cliffs and Freewest are petitioning the Quebec Autorite des marches financiers to investigate Noront's public statements, deficiencies in its regulatory filings and potential irregularities in the trading of Noront stock, and to take appropriate action.
"Noront is exaggerating the value of its bid as well as the potential for synergies between Freewest's and Noront's chromite assets," said Joseph Carrabba, president, chairman and CEO of Cliffs. "We believe only one mine will be developed. It will be a surface operation on one of the Freewest properties rather than an underground mine on Noront's deeper, thinner and discontinuous deposit. The simple fact is that the scale and quality of Freewest's massive 2.5 km long chromite deposits render the Noront chromite properties completely irrelevant in the Ring of Fire."
"Based on a year of technical work by Cliffs, we can say with confidence that Freewest's deposits are readily developable and more than sufficient to meet market demand for the foreseeable future. Consequently, we believe it is highly unlikely that Noront's inferior properties will be developed. This underscores the risk to Freewest shareholders of owning Noront shares. It explains why Noront wants to acquire Freewest. And it is why Cliffs has no interest in acquiring Noront or its chromium deposits. Freewest shareholders should not be taken in by Noront's false and misleading claims," Mr. Carrabba added.
Cliffs urges Freewest shareholders to consider the following facts.
- Noront's offer includes a fraction of a warrant for each Freewest share that has a much lower value than advertised and which ultimately may prove to be of zero value to Freewest shareholders. Noront promoted a value for that fractional warrant of $0.22 per Freewest share. Traditional valuation methods - and the market trading activity on the date of that announcement - indicate the actual value of the warrant is less than half that amount. Only inappropriately aggressive assumptions can be used to arrive at the warrant valuation claimed by Noront. We believe Noront did this deliberately to mislead investors who are not experts in valuing such complex and speculative securities. Based on Noront's valuation, the fractional warrant represents 26% of the consideration it has offered to Freewest shareholders.
- Excluding the fractional warrant, Noront's offer had an implied value of just $0.64 per Freewest share upon its announcement on November 30, and has traded as low as $0.55 within the past 21 days. While Noront's share price has increased since then, it appears to have done so on the basis of false and misleading statements. At $0.64 per Freewest share, the announced value of Noront's increased share consideration represents a 29% discount to the fixed and certain value of $0.90 per share being offered by Cliffs.
- Noront has made bold pronouncements about the value of its offer in press releases that it has chosen not to include in filings with securities regulators, which must be certified by officers or directors of Noront. These omissions violate applicable securities law and are a strong indication that Noront knows its public statements are misleading.
- Noront's CEO Wes Hanson has publicly stated that Noront believes that Cliffs is inexperienced in mine development, and inferred that Noront is more capable of developing these properties and associated infrastructure. This is an absurd statement. Cliffs has 160 years of mine development and operating experience and is the largest producer of iron ore pellets to the North American steel industry. The steel industry is the ultimate customer for the products of a new chromite operation in the Ring of Fire. Cliffs has a market capitalization in excess of US$6 billion and has the capability to finance the development of Freewest's chromite deposits. Noront is an exploration company with no track record of bringing mines into production and working capital at July 31, 2009 of only $15.4 million.
- Current and future Noront shareholders are at risk of significant dilution that could depress the value of Noront shares. Noront currently contemplates diluting its existing shareholders by 39% without requesting its shareholders' approval. Cliffs estimates that development of Freewest's deposits would require up to $800 million in capital. With a market capitalization range of $250 to $400 million over the last 21 days, Noront's shares would be subject to significant dilution - also without shareholder approval -- should Noront attempt to develop a chromite mine or attract a strategic partner.
- Contrary to false claims by Noront, the tax treatment for Freewest's Canadian resident shareholders receiving Cliffs shares is equivalent to the tax treatment of receiving cash. In general, any taxes resulting from the Cliffs transaction will not be payable by individual Freewest shareholders resident in Canada until April 2011. Noront has compared the after-tax value of receiving Cliffs shares by a hypothetical Freewest shareholder having a low cost base to the pre-tax value of receiving Noront's shares and warrants. This is deliberately misleading to Freewest shareholders and exaggerates the tax benefits of Noront's offer. Freewest shareholders that tender to Noront's bid and receive Noront shares and warrants as consideration will not save any tax, but merely defer the payment of taxes for so long as they continue to hold the Noront shares and warrants. Cliffs believes the comparison of pre-tax and after-tax values is blatantly inappropriate and advises Freewest shareholders to seek independent tax advice rather than rely on Noront's misleading claims.
- In considering the value of Noront shares, Freewest shareholders also should be aware of the recent timing and questionable disclosure of certain Noront press releases. Before market open on Thursday, November 19, 2009, Noront released its very first public statement of "mineralized material" at its Eagle's Nest property, quoting both estimated tonnage and grades. None of these statements were supported by National Instrument 43-101, which governs how public companies disclose scientific and technical information about mineral projects in Canada. The timing and disclosure were in Cliffs' view meant to manipulate the Noront share price and impact the perceived value of its bid for Freewest. After aggressively marketing these statements to investors throughout the day, resulting in an 39% increase in Noront's share price, Noront released a "clarification" of its earlier press release at 3:27pm ET that afternoon stating that its earlier release had not followed the requirements of NI 43-101. Those requirements include disclosing that their results were conceptual in nature, there has been insufficient exploration to define a mineral resource, and that it is uncertain whether further exploration will result in discovery of a mineral resource.
The requirements of NI 43-101 are well understood by Noront and its legal and financial advisors. Cliffs does not believe the omission of the above cautionary language was made in error.
- Freewest's Board of Directors continues to unanimously recommend Cliffs' offer, which has also received strong support from the vast majority of Freewest shareholders canvassed to date.
- Moreover, when Cliffs and Freewest entered into a definitive arrangement agreement on November 23, 2009, Freewest's senior management agreed to reduce the change of control payments due to them from $6.5 million to $2.5 million. Management did so because they believe Cliffs' offer is in the best interests of Freewest and its shareholders.
Cliffs strongly believes that, after considering all of the facts, Freewest shareholders will conclude that the Cliffs transaction provides far superior value, certainty and liquidity for Freewest shareholders.
Cliffs currently owns approximately 12.4% of Freewest Resources. Freewest's Board unanimously supports the amended definitive agreement and recommends that all shareholders accept Cliffs' offer. This recommendation is also supported by a Fairness Opinion from Freewest's independent financial advisor. The transaction is expected to close shortly following the meeting of Freewest shareholders scheduled to be held on January 15, 2010, subject to a number of customary conditions including approval by Freewest shareholders and consent of the court.
To be added to Cliffs Natural Resources e-mail distribution list, please click on the link below:
http://www.cpg-llc.com/clearsite/clf/emailoptin.html
About Cliffs Natural Resources Inc.
Cliffs Natural Resources (NYSE:CLF - News; PARIS:CLF - News) is an international mining and natural resources company. We are the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. With core values of environmental and capital stewardship, our colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Our Company is organized through three geographic business units:
The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Eastern Canada, and two coking coal mining complexes located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The South American business unit includes a 30% interest in the Amapa Project, an iron ore project in the state of Amapa in Brazil.
Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world's largest and fastest growing steel markets.
News releases and other information on the Company are available on the Internet at:
http://www.cliffsnaturalresources.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This news release contains predictive statements that are intended to be made as "forward-looking" within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Although we believe that our forward-looking statements are based on reasonable assumptions, such statements are subject to risk and uncertainties.
Actual results may differ materially from such statements for a variety of reasons, including the inability to close the proposed transaction as a result of competing acquisition proposals, the inability to obtain necessary court approvals for the acquisition and the failure to receive the necessary affirmative vote of Freewest shareholders. Other factors that could impact actual results include the following: demand for ferrochrome by global integrated steel producers; the impact of consolidation and rationalization in the steel industry; availability of capital equipment and component parts; availability of rail and float capacity; availability and cost of capital; ability to maintain adequate liquidity and to access capital markets; events or circumstances that could impair or adversely impact the viability and carrying value of the Freewest assets; inability to achieve expected production levels; reductions in current resource estimates; impacts of increasing governmental regulation, including failure to receive or maintain required environmental permits; problems with productivity, third-party contractors, labor disputes, disputes with indigenous tribes in the area, weather conditions, fluctuations in ore grade and changes in other cost factors, including energy costs and transportation.
Reference is also made to the detailed explanation of the many factors and risks that may cause such predictive statements to turn out differently, set forth in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and previous news releases filed with the Securities and Exchange Commission, which are publicly available on Cliffs Natural Resources' website. The information contained in this document speaks as of the date of this news release and may be superseded by subsequent events.
Contact:
Cliffs Natural Resources Inc.INVESTOR AND FINANCIAL MEDIA CONTACTS:Steve BaisdenDirector, Investor Relations and Corporate Communications(216) 694-5280steve.baisden@cliffsnr.comChristine DreschCliffs Natural Resources Inc.Manager - Corporate Communications(216) 694-4052christine.dresch@cliffsnr.com
FANTOMAS
Und noch ein Conference Call von FWR / CLF.
Hoffentlich wird der besser, als das Desaster vom letzten Freitag:
http://finance.yahoo.com/news/Freewest-Resources-Canada-Inc-…
Freewest Resources Canada Inc. and Cliffs Natural Resources Inc. to Hold Investor Call to Address False and Misleading Statements Made by Noront Resources Ltd.
CLEVELAND & MONTREAL--(BUSINESS WIRE)--Freewest Resources Canada Inc. (TSX-V: FWR - News) and Cliffs Natural Resources Inc. (NYSE: CLF - News) (Paris: CLF - News) will hold a conference call for shareholders of Freewest on Tuesday, Dec. 8, 2009 at 9 a.m. ET to discuss Cliffs’ offer to acquire all of the outstanding shares of Freewest. The companies also will address the false and misleading statements being made by Noront Resources Ltd. in support of its take-over bid for Freewest.
The call will be hosted by Mac Watson, president and chief executive officer of Freewest, and Joseph Carrabba, chairman, president and chief executive officer of Cliffs.
To participate in the call, dial (877) 485-3104 (Outside North America: 201-689-8579) 10 minutes before the call begins, or 8:50 a.m. ET. The conference ID number is 339308.
The call will be broadcast live on Freewest’s and Cliffs’ websites at http://www.freewest.com/ and http://www.cliffsnaturalresources.com.
If you are unable to participate during the live webcast, the call will be recorded and archived at both companies’ websites and available for replay shortly after the call concludes.
To be added to Cliffs Natural Resources’ e-mail distribution list, please click on the link below:
http://www.cpg-llc.com/clearsite/clf/emailoptin.html
About Freewest Resources Canada Inc.
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.
About Cliffs Natural Resources Inc.
Cliffs Natural Resources (NYSE: CLF; Paris: CLF) is an international mining and natural resources company. It is the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. With core values of environmental and capital stewardship, Cliffs’ colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Cliffs is organized through three geographic business units:
The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Eastern Canada, and two coking coal mining complexes located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The South American business unit includes a 30% interest in the Amapá Project, an iron ore project in the state of Amapá in Brazil.
Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world’s largest and fastest growing steel markets.
News releases and other information on the Company are available on the Internet at:
http://www.cliffsnaturalresources.com or
www.cliffsnaturalresources.com/Investors/Pages/default.aspx?b=1041&1=1
For further information about the transaction:
Georgeson Inc. is acting as Freewest’s solicitation agent in connection with this transaction. Georgeson may be contacted as follows:
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
FANTOMAS
Hoffentlich wird der besser, als das Desaster vom letzten Freitag:
http://finance.yahoo.com/news/Freewest-Resources-Canada-Inc-…
Freewest Resources Canada Inc. and Cliffs Natural Resources Inc. to Hold Investor Call to Address False and Misleading Statements Made by Noront Resources Ltd.
CLEVELAND & MONTREAL--(BUSINESS WIRE)--Freewest Resources Canada Inc. (TSX-V: FWR - News) and Cliffs Natural Resources Inc. (NYSE: CLF - News) (Paris: CLF - News) will hold a conference call for shareholders of Freewest on Tuesday, Dec. 8, 2009 at 9 a.m. ET to discuss Cliffs’ offer to acquire all of the outstanding shares of Freewest. The companies also will address the false and misleading statements being made by Noront Resources Ltd. in support of its take-over bid for Freewest.
The call will be hosted by Mac Watson, president and chief executive officer of Freewest, and Joseph Carrabba, chairman, president and chief executive officer of Cliffs.
To participate in the call, dial (877) 485-3104 (Outside North America: 201-689-8579) 10 minutes before the call begins, or 8:50 a.m. ET. The conference ID number is 339308.
The call will be broadcast live on Freewest’s and Cliffs’ websites at http://www.freewest.com/ and http://www.cliffsnaturalresources.com.
If you are unable to participate during the live webcast, the call will be recorded and archived at both companies’ websites and available for replay shortly after the call concludes.
To be added to Cliffs Natural Resources’ e-mail distribution list, please click on the link below:
http://www.cpg-llc.com/clearsite/clf/emailoptin.html
About Freewest Resources Canada Inc.
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.
About Cliffs Natural Resources Inc.
Cliffs Natural Resources (NYSE: CLF; Paris: CLF) is an international mining and natural resources company. It is the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. With core values of environmental and capital stewardship, Cliffs’ colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Cliffs is organized through three geographic business units:
The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Eastern Canada, and two coking coal mining complexes located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The South American business unit includes a 30% interest in the Amapá Project, an iron ore project in the state of Amapá in Brazil.
Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world’s largest and fastest growing steel markets.
News releases and other information on the Company are available on the Internet at:
http://www.cliffsnaturalresources.com or
www.cliffsnaturalresources.com/Investors/Pages/default.aspx?b=1041&1=1
For further information about the transaction:
Georgeson Inc. is acting as Freewest’s solicitation agent in connection with this transaction. Georgeson may be contacted as follows:
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
FANTOMAS
Und zur Abwechslung mal wieder ein paar super Chrom-News vom FWR/SPQ/KWG "Big Daddy"-Joint Venture (mit Platin/Palladium-Funden):
http://finance.yahoo.com/news/Freewest-Resources-Canada-Inc-…
Freewest Resources Canada Inc., Spider Resources Inc. and KWG Resources Inc. Provide Assay Results for the Big Daddy Chromite Prospect
- Hole FW-09-29 encounters 75.2 metres of chromite mineralization averaging 43.41% Cr2O3
- FW-09-29 intersected a total of 108.5m of massive chromite in 4 separate intervals
- Six of the seven holes reported herein encounter chromite mineralization in excess of 35% Cr2O3 over significant widths.
MONTREAL, QUEBEC--(Marketwire - Dec. 7, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR - News), Spider Resources Inc. (TSX VENTURE:SPQ - News) and KWG Resources Inc. (TSX VENTURE:KWG - News) are pleased to provide assay results for recently completed drilling at the Big Daddy Chromite property located in the James Bay Lowlands of northern Ontario. The Big Daddy property is currently a joint-venture involving Freewest Resources Canada Inc. (50%), Spider Resources Inc. (25%) and KWG Resources Inc. (25%).
Assay Results for Recent Drilling:
Analytical results have recently been received for the first 7 holes of 22 holes being assayed. Visual observations for these seven holes were previously reported on October 14th 2009.
Holes FW-09-24 and 25 are located on Section 14+00E. Both encountered significant chromite mineralization.
Holes FW-09-26 and 27 are located on Section 16+00E. Hole 26 failed to intersect chromite mineralization. The targeted mineralization intended to be intersected by this hole is interpreted to have been displaced by faulting, whereas Hole 27, which undercut Hole 26, intersected two zones of massive chromite mineralization, followed by a short intercept of Platinum and Palladium averaging 1.66 g/t (Pt + Pd).
Holes 28 and 29, situated on Section 18+00E, both intersected significant widths of chromite mineralization, in particular hole 29 which intersected 4 zones of massive chromite mineralization, including a 75.2 metres interval averaging 43.4% Cr2O3. This intersection was followed by 1.8 metres of Platinum and Palladium averaging 2.18 g/t (Pt+Pd).
Hole FW-09-30, drilled on Section 20+00E, entered massive chromite mineralization immediately after the overburden.
The following table provides assay highlights for the first seven holes in the recent program. Only those intersections that averaged greater than 35% Cr2O3 over significant widths are included in the highlight table. The chromite mineralization surrounding the highlighted massive chromite mineralization is typically of varying tenor, and consists of heavily disseminated plus / minus intercalated thin (centimeter scale) to thick (meter scale) beds of massive chromite mineralization. The amount of this mineralization that eventually may be included in the reserves will not be determined until a feasibility study is undertaken. For instance, in Hole 29, variable amounts of chromite mineralization were intersected between 67.4 and 323.8 metres (256.4 metres), however only 108.5 metres averaged in excess of 35% Cr2O3.
Assays for the remaining fifteen holes from the recent program will be released when final results are available.
Assay Highlight Table:
----------------------------------------------------------------------------
Hole # From(m) To(m) Length(m) Pd(g/t) Pt(g/t) Cr2O3% Fe2O3% Cr:Fe
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-24 73.5 80.3 6.8 0.26 0.23 41.01 21.10 1.90
----------------------------------------------------------------------------
100.9 132.2 31.3 0.17 0.23 40.63 23.40 1.70
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-25 232.1 270.4 38.3 0.17 0.24 42.17 21.35 1.93
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-26 no significant assays
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-27 173.3 186.8 13.5 0.28 0.25 36.32 20.77 1.71
----------------------------------------------------------------------------
208.0 246.8 38.8 0.20 0.22 42.99 20.99 2.00
----------------------------------------------------------------------------
246.8 247.5 0.7 1.23 0.43
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-28 38.7 61.1 22.4 0.12 0.20 41.30 22.16 1.82
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-29 117.0 136.0 19.0 0.50 0.23 40.02 19.92 1.97
----------------------------------------------------------------------------
226.0 230.7 4.7 0.46 0.27 37.90 20.39 1.82
----------------------------------------------------------------------------
234.8 244.3 9.6 0.32 0.39 38.33 19.70 1.90
----------------------------------------------------------------------------
248.6 323.8 75.2 0.23 0.25 43.40 21.26 2.00
----------------------------------------------------------------------------
323.8 325.5 1.8 1.69 0.49
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-30 24.1 32.8 8.7 0.26 0.26 40.92 22.61 1.77
----------------------------------------------------------------------------
True widths of the chromite mineralization have yet to be determined, as this is typically done once the geometry (attitude, dip and strike) of the entire mineralized body is determined. The systematic drill pattern was designed to delineate the Big Daddy Chromite Prospect along its entire strike length. The chromite mineralized intersections are quite variable in apparent width due to the geological nature of the intrusion.
Drill Program:
The current exploration program started on September 23, 2009, and included twenty two drill holes totaling 6,777 metres. The program was curtailed on November 22 due to abnormal weather conditions in the project area that were hampering cost-effective progress, and causing additional safety and other logistical concerns, drilling is anticipated to resume in early January. This pause in drilling is being utilized to review drill and analytical results, and also to adjust the drilling plan. More holes may be added, where warranted, in certain areas of The Big Daddy Chromite Prospect based upon this internal mid program review. Six holes remain to be drilled from the original planned budget, and these will be strategically planned to infill and expand Big Daddy. The Big Daddy Chromite prospect (a magmatic chromium deposit type) has been expanded along its strike and depth. Since the discovery of chromite on the property in March, 2006 (Hole FW-06-03), chromite mineralization has been established between section 900 metres East to and including section 2100 metres East, for an inferred strike length of 1300 metres, and to a depth of 325 metres. Big Daddy remains open along strike in both directions and to depth. Some of the planned expansion drilling will continue to explore the chromite mineralization towards the northeast, where faults are found to have apparently offset Big Daddy from the Probe "Creek Zone" and Freewest's "Black Thor".
As stated in the last release (Nov. 16, 2009), one drill hole tested a coincident magnetic and electromagnetic anomaly, that straddled the border between the Big Daddy property with four claims held by Freewest due north of the Big Daddy Property. This hole encountered 10 metres of sulphide mineralization consisting of thin wispy bands of up to 20% pyrite, pyrrhotite and chalcopyrite between 104.0 metres and 114.0 metres down hole. Samples for this entire sulphide section have been selected for assay and will be reported upon once results are received.
Quality Assurance / Quality Control Protocol:
Stringent QA / QC procedures are followed. Samples are shipped to the laboratory in batches of 35 samples. Each sample batch includes 2 standards, 1 blank, and 1 duplicate that are inserted on site, plus a duplicate coarse reject and 1 duplicate pulp that are prepared at the laboratory and inserted. In addition, Actlabs also employs a rigorous in-house QA/QC regime which includes standards, blanks and duplicates.
Once the final assays are received from Actlabs and prior to any data being released to the public, a review of all QA/QC data is conducted by an independent qualified person to ensure that the data released are within predetermined norms.
Analytical Methodology:
All samples are assayed / analysed by Activation Labs (Actlabs) at either their main laboratory in Ancaster, Ontario or at their Thunder Bay, Ontario facility. Both laboratories are ISO accredited. All samples are
- Analyzed for 35 trace and major elements including Cu & Ni by 4 acid
digestion with an ICP finish (Actlabs code 1F2). Any samples for which
the result(s) are over limit for either Cu or Ni are then assayed for
these elements by ICP-OES.
- Assayed for Au, Pd & Pt by fire assay with an ICP/OES finish (Actlabs
code 1C-OES).
- Assayed for 13 major element oxides, including Cr2O3 by fusion-XRF
(Actlabs code 4C).
For additional information on assay methodology visit the Actlabs website at http://www.actlabsint.com.
Qualified Persons:
Spider's Vice President of Exploration Jim Burns P.Eng., along with Neil Novak P.Geo., President of Spider, has prepared and reviewed this press release, both of which are Qualified Persons under National Instrument 43-101
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.
FANTOMAS
http://finance.yahoo.com/news/Freewest-Resources-Canada-Inc-…
Freewest Resources Canada Inc., Spider Resources Inc. and KWG Resources Inc. Provide Assay Results for the Big Daddy Chromite Prospect
- Hole FW-09-29 encounters 75.2 metres of chromite mineralization averaging 43.41% Cr2O3
- FW-09-29 intersected a total of 108.5m of massive chromite in 4 separate intervals
- Six of the seven holes reported herein encounter chromite mineralization in excess of 35% Cr2O3 over significant widths.
MONTREAL, QUEBEC--(Marketwire - Dec. 7, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR - News), Spider Resources Inc. (TSX VENTURE:SPQ - News) and KWG Resources Inc. (TSX VENTURE:KWG - News) are pleased to provide assay results for recently completed drilling at the Big Daddy Chromite property located in the James Bay Lowlands of northern Ontario. The Big Daddy property is currently a joint-venture involving Freewest Resources Canada Inc. (50%), Spider Resources Inc. (25%) and KWG Resources Inc. (25%).
Assay Results for Recent Drilling:
Analytical results have recently been received for the first 7 holes of 22 holes being assayed. Visual observations for these seven holes were previously reported on October 14th 2009.
Holes FW-09-24 and 25 are located on Section 14+00E. Both encountered significant chromite mineralization.
Holes FW-09-26 and 27 are located on Section 16+00E. Hole 26 failed to intersect chromite mineralization. The targeted mineralization intended to be intersected by this hole is interpreted to have been displaced by faulting, whereas Hole 27, which undercut Hole 26, intersected two zones of massive chromite mineralization, followed by a short intercept of Platinum and Palladium averaging 1.66 g/t (Pt + Pd).
Holes 28 and 29, situated on Section 18+00E, both intersected significant widths of chromite mineralization, in particular hole 29 which intersected 4 zones of massive chromite mineralization, including a 75.2 metres interval averaging 43.4% Cr2O3. This intersection was followed by 1.8 metres of Platinum and Palladium averaging 2.18 g/t (Pt+Pd).
Hole FW-09-30, drilled on Section 20+00E, entered massive chromite mineralization immediately after the overburden.
The following table provides assay highlights for the first seven holes in the recent program. Only those intersections that averaged greater than 35% Cr2O3 over significant widths are included in the highlight table. The chromite mineralization surrounding the highlighted massive chromite mineralization is typically of varying tenor, and consists of heavily disseminated plus / minus intercalated thin (centimeter scale) to thick (meter scale) beds of massive chromite mineralization. The amount of this mineralization that eventually may be included in the reserves will not be determined until a feasibility study is undertaken. For instance, in Hole 29, variable amounts of chromite mineralization were intersected between 67.4 and 323.8 metres (256.4 metres), however only 108.5 metres averaged in excess of 35% Cr2O3.
Assays for the remaining fifteen holes from the recent program will be released when final results are available.
Assay Highlight Table:
----------------------------------------------------------------------------
Hole # From(m) To(m) Length(m) Pd(g/t) Pt(g/t) Cr2O3% Fe2O3% Cr:Fe
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-24 73.5 80.3 6.8 0.26 0.23 41.01 21.10 1.90
----------------------------------------------------------------------------
100.9 132.2 31.3 0.17 0.23 40.63 23.40 1.70
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-25 232.1 270.4 38.3 0.17 0.24 42.17 21.35 1.93
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-26 no significant assays
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-27 173.3 186.8 13.5 0.28 0.25 36.32 20.77 1.71
----------------------------------------------------------------------------
208.0 246.8 38.8 0.20 0.22 42.99 20.99 2.00
----------------------------------------------------------------------------
246.8 247.5 0.7 1.23 0.43
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-28 38.7 61.1 22.4 0.12 0.20 41.30 22.16 1.82
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-29 117.0 136.0 19.0 0.50 0.23 40.02 19.92 1.97
----------------------------------------------------------------------------
226.0 230.7 4.7 0.46 0.27 37.90 20.39 1.82
----------------------------------------------------------------------------
234.8 244.3 9.6 0.32 0.39 38.33 19.70 1.90
----------------------------------------------------------------------------
248.6 323.8 75.2 0.23 0.25 43.40 21.26 2.00
----------------------------------------------------------------------------
323.8 325.5 1.8 1.69 0.49
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-30 24.1 32.8 8.7 0.26 0.26 40.92 22.61 1.77
----------------------------------------------------------------------------
True widths of the chromite mineralization have yet to be determined, as this is typically done once the geometry (attitude, dip and strike) of the entire mineralized body is determined. The systematic drill pattern was designed to delineate the Big Daddy Chromite Prospect along its entire strike length. The chromite mineralized intersections are quite variable in apparent width due to the geological nature of the intrusion.
Drill Program:
The current exploration program started on September 23, 2009, and included twenty two drill holes totaling 6,777 metres. The program was curtailed on November 22 due to abnormal weather conditions in the project area that were hampering cost-effective progress, and causing additional safety and other logistical concerns, drilling is anticipated to resume in early January. This pause in drilling is being utilized to review drill and analytical results, and also to adjust the drilling plan. More holes may be added, where warranted, in certain areas of The Big Daddy Chromite Prospect based upon this internal mid program review. Six holes remain to be drilled from the original planned budget, and these will be strategically planned to infill and expand Big Daddy. The Big Daddy Chromite prospect (a magmatic chromium deposit type) has been expanded along its strike and depth. Since the discovery of chromite on the property in March, 2006 (Hole FW-06-03), chromite mineralization has been established between section 900 metres East to and including section 2100 metres East, for an inferred strike length of 1300 metres, and to a depth of 325 metres. Big Daddy remains open along strike in both directions and to depth. Some of the planned expansion drilling will continue to explore the chromite mineralization towards the northeast, where faults are found to have apparently offset Big Daddy from the Probe "Creek Zone" and Freewest's "Black Thor".
As stated in the last release (Nov. 16, 2009), one drill hole tested a coincident magnetic and electromagnetic anomaly, that straddled the border between the Big Daddy property with four claims held by Freewest due north of the Big Daddy Property. This hole encountered 10 metres of sulphide mineralization consisting of thin wispy bands of up to 20% pyrite, pyrrhotite and chalcopyrite between 104.0 metres and 114.0 metres down hole. Samples for this entire sulphide section have been selected for assay and will be reported upon once results are received.
Quality Assurance / Quality Control Protocol:
Stringent QA / QC procedures are followed. Samples are shipped to the laboratory in batches of 35 samples. Each sample batch includes 2 standards, 1 blank, and 1 duplicate that are inserted on site, plus a duplicate coarse reject and 1 duplicate pulp that are prepared at the laboratory and inserted. In addition, Actlabs also employs a rigorous in-house QA/QC regime which includes standards, blanks and duplicates.
Once the final assays are received from Actlabs and prior to any data being released to the public, a review of all QA/QC data is conducted by an independent qualified person to ensure that the data released are within predetermined norms.
Analytical Methodology:
All samples are assayed / analysed by Activation Labs (Actlabs) at either their main laboratory in Ancaster, Ontario or at their Thunder Bay, Ontario facility. Both laboratories are ISO accredited. All samples are
- Analyzed for 35 trace and major elements including Cu & Ni by 4 acid
digestion with an ICP finish (Actlabs code 1F2). Any samples for which
the result(s) are over limit for either Cu or Ni are then assayed for
these elements by ICP-OES.
- Assayed for Au, Pd & Pt by fire assay with an ICP/OES finish (Actlabs
code 1C-OES).
- Assayed for 13 major element oxides, including Cr2O3 by fusion-XRF
(Actlabs code 4C).
For additional information on assay methodology visit the Actlabs website at http://www.actlabsint.com.
Qualified Persons:
Spider's Vice President of Exploration Jim Burns P.Eng., along with Neil Novak P.Geo., President of Spider, has prepared and reviewed this press release, both of which are Qualified Persons under National Instrument 43-101
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.
FANTOMAS
KWG Präsentation zum Big Daddy Chrom-Vorkommen (FWR/SPQ/KWG-Joint Venture):
http://www.kwgresources.com/_resources/corp_presentations/co…
FANTOMAS
http://www.kwgresources.com/_resources/corp_presentations/co…
FANTOMAS
Neues Angebot von Cliffs über 1 CAD!!
Cliffs Natural Resources Raises Offer for Freewest to CAD$1.00 Per Share
Ticker Symbol: U:CLF X:BOURSE:CLF
CLEVELAND -- (Business Wire) --
Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) announced today that it has further amended the terms of the definitive agreement disclosed on Nov. 23, 2009, to acquire Montreal-based Freewest Resources Canada Inc. (TSX-V: FWR) by way of a plan of arrangement. The further amendment involves an increase in the price to a fixed value of CAD$1.00 in Cliffs shares per Freewest share. Cliffs also indicated it has entered into voting agreements with shareholders of Freewest holding an aggregate of 24.7 million shares, or approximately 10.5% of the Freewest common shares outstanding. These shareholders have agreed to vote in favor of the plan of arrangement.
At CAD$1.00, the increased Cliffs offer represents a premium of 217% to Freewest�s unaffected share price on Oct. 2, 2009, and a premium of 28% to a competing �final� takeover bid from Noront Resources Ltd., which, as of the market close on Dec. 9, 2009, had an implied value of CAD$0.78 per share, assuming a value of CAD$0.11 for the fraction of a Noront warrant. Recently, Noront has implied the value of the fraction of its warrant is as much as CAD$0.28. As Cliffs previously outlined in a news release on Dec. 7, 2009, it believes Noront is grossly overstating the value of this warrant and urges Freewest shareholders to review Noront�s valuation method closely.
�We decided to raise our offer to make it as clear and simple as possible for Freewest shareholders to choose Cliffs over Noront,� said Joseph Carrabba, chairman, president and CEO of Cliffs. �Our offer provides superior value, certainty and liquidity for Freewest shareholders and is unanimously supported by the Freewest board of directors. We have also taken clear action today to give Freewest shareholders the assurance that they can receive the value of our offer without Noront being able to frustrate their wishes by acquiring a blocking stake in Freewest.�
New Assurance of Cliffs� Offer
Specifically, should Noront become the registered owner of more than 12.5% of Freewest�s currently issued and outstanding shares, Cliffs commits to make a cash offer by way of a takeover bid with no minimum tender condition for all of the issued and outstanding common shares of Freewest for consideration of CAD$1.00 per share. Under a takeover bid, if adopted, Cliffs would pay cash for any and all Freewest shares tendered. If Noront does not reach this tender level, Cliffs would proceed with the previously announced plan of arrangement, but at the new CAD$1.00 per-share price.
�We are taking this action to provide Freewest shareholders the absolute certainty that they can reject Noront�s inferior takeover bid and still be able to receive CAD$1.00 per share in fixed and certain consideration from Cliffs,� said Carrabba.
Freewest�s board and management unanimously support the enhanced plan of arrangement and agree to unanimously support the potential conversion of Cliffs� offer to a takeover bid, should it be necessary. Freewest�s board has unanimously recommended that its shareholders reject the Noront offer and not tender their shares. In making its recommendation, the board considered many factors, including the recommendation of a Special Committee comprised of Freewest�s independent directors and advice from CIBC World Markets Inc., Freewest�s financial advisor.
A Cliffs� takeover bid, if adopted, would eliminate the need for a Freewest shareholder vote at a Special Meeting on Jan. 15, 2010. Under the plan of arrangement, Cliffs is not obligated to proceed with the transaction if Freewest does not obtain approval from shareholders owning 66.7% of Freewest�s shares. Cliffs currently owns approximately 12.4% of Freewest.
Under the plan of arrangement, the transaction is expected to close shortly following the Special Meeting, subject to a number of customary conditions including approval by Freewest shareholders and consent of the court.
Noront�s bid is scheduled to expire at 11:59 p.m. ET on Friday, Dec. 11, 2009. Freewest shareholders who have tendered to Noront�s offer and now wish to withdraw their shares may do so by calling Georgeson, Freewest�s information agent, at:
North American Toll-Free Number: 1-866-433-7579
Banks and Brokers Collect Number: 1-212-806-6859
To be added to Cliffs Natural Resources e-mail distribution list, please click on the link below:
http://www.cpg-llc.com/clearsite/clf/emailoptin.html
About Cliffs Natural Resources Inc.
Cliffs Natural Resources (NYSE: CLF) (Paris: CLF) is an international mining and natural resources company. We are the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. With core values of environmental and capital stewardship, our colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Our Company is organized through three geographic business units:
The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Eastern Canada, and two coking coal mining complexes located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The South American business unit includes a 30% interest in the Amap� Project, an iron ore project in the state of Amap� in Brazil.
Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world�s largest and fastest growing steel markets.
News releases and other information on the Company are available on the Internet at:
http://www.cliffsnaturalresources.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This news release contains predictive statements that are intended to be made as "forward-looking" within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Although we believe that our forward-looking statements are based on reasonable assumptions, such statements are subject to risk and uncertainties.
Actual results may differ materially from such statements for a variety of reasons, including the inability to close the proposed transaction as a result of competing acquisition proposals, the inability to obtain necessary court approvals for the acquisition and the failure to receive the necessary affirmative vote of Freewest shareholders. Other factors that could impact actual results include the following: demand for ferrochrome by global integrated steel producers; the impact of consolidation and rationalization in the steel industry; availability of capital equipment and component parts; availability of rail and float capacity; availability and cost of capital; ability to maintain adequate liquidity and to access capital markets; events or circumstances that could impair or adversely impact the viability and carrying value of the Freewest assets; inability to achieve expected production levels; reductions in current resource estimates; impacts of increasing governmental regulation, including failure to receive or maintain required environmental permits; problems with productivity, third-party contractors, labor disputes, disputes with indigenous tribes in the area, weather conditions, fluctuations in ore grade and changes in other cost factors, including energy costs and transportation.
Reference is also made to the detailed explanation of the many factors and risks that may cause such predictive statements to turn out differently, set forth in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and previous news releases filed with the Securities and Exchange Commission, which are publicly available on Cliffs Natural Resources' website. The information contained in this document speaks as of the date of this news release and may be superseded by subsequent events.
News releases and other information on the Company are available on the Internet at:
http://www.cliffsnaturalresources.com or
www.cliffsnaturalresources.com/Investors/Pages/default.aspx?b=1041&1=1
CONTACT
Cliffs Natural Resources Inc.
Director, Investor Relations and Corporate Communications
Steve Baisden, 216-694-5280
steve.baisden@cliffsnr.com
or
Manager � Corporate Communications
Christine Dresch, 216-694-4052
christine.dresch@cliffsnr.com
Cliffs Natural Resources Raises Offer for Freewest to CAD$1.00 Per Share
Ticker Symbol: U:CLF X:BOURSE:CLF
CLEVELAND -- (Business Wire) --
Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) announced today that it has further amended the terms of the definitive agreement disclosed on Nov. 23, 2009, to acquire Montreal-based Freewest Resources Canada Inc. (TSX-V: FWR) by way of a plan of arrangement. The further amendment involves an increase in the price to a fixed value of CAD$1.00 in Cliffs shares per Freewest share. Cliffs also indicated it has entered into voting agreements with shareholders of Freewest holding an aggregate of 24.7 million shares, or approximately 10.5% of the Freewest common shares outstanding. These shareholders have agreed to vote in favor of the plan of arrangement.
At CAD$1.00, the increased Cliffs offer represents a premium of 217% to Freewest�s unaffected share price on Oct. 2, 2009, and a premium of 28% to a competing �final� takeover bid from Noront Resources Ltd., which, as of the market close on Dec. 9, 2009, had an implied value of CAD$0.78 per share, assuming a value of CAD$0.11 for the fraction of a Noront warrant. Recently, Noront has implied the value of the fraction of its warrant is as much as CAD$0.28. As Cliffs previously outlined in a news release on Dec. 7, 2009, it believes Noront is grossly overstating the value of this warrant and urges Freewest shareholders to review Noront�s valuation method closely.
�We decided to raise our offer to make it as clear and simple as possible for Freewest shareholders to choose Cliffs over Noront,� said Joseph Carrabba, chairman, president and CEO of Cliffs. �Our offer provides superior value, certainty and liquidity for Freewest shareholders and is unanimously supported by the Freewest board of directors. We have also taken clear action today to give Freewest shareholders the assurance that they can receive the value of our offer without Noront being able to frustrate their wishes by acquiring a blocking stake in Freewest.�
New Assurance of Cliffs� Offer
Specifically, should Noront become the registered owner of more than 12.5% of Freewest�s currently issued and outstanding shares, Cliffs commits to make a cash offer by way of a takeover bid with no minimum tender condition for all of the issued and outstanding common shares of Freewest for consideration of CAD$1.00 per share. Under a takeover bid, if adopted, Cliffs would pay cash for any and all Freewest shares tendered. If Noront does not reach this tender level, Cliffs would proceed with the previously announced plan of arrangement, but at the new CAD$1.00 per-share price.
�We are taking this action to provide Freewest shareholders the absolute certainty that they can reject Noront�s inferior takeover bid and still be able to receive CAD$1.00 per share in fixed and certain consideration from Cliffs,� said Carrabba.
Freewest�s board and management unanimously support the enhanced plan of arrangement and agree to unanimously support the potential conversion of Cliffs� offer to a takeover bid, should it be necessary. Freewest�s board has unanimously recommended that its shareholders reject the Noront offer and not tender their shares. In making its recommendation, the board considered many factors, including the recommendation of a Special Committee comprised of Freewest�s independent directors and advice from CIBC World Markets Inc., Freewest�s financial advisor.
A Cliffs� takeover bid, if adopted, would eliminate the need for a Freewest shareholder vote at a Special Meeting on Jan. 15, 2010. Under the plan of arrangement, Cliffs is not obligated to proceed with the transaction if Freewest does not obtain approval from shareholders owning 66.7% of Freewest�s shares. Cliffs currently owns approximately 12.4% of Freewest.
Under the plan of arrangement, the transaction is expected to close shortly following the Special Meeting, subject to a number of customary conditions including approval by Freewest shareholders and consent of the court.
Noront�s bid is scheduled to expire at 11:59 p.m. ET on Friday, Dec. 11, 2009. Freewest shareholders who have tendered to Noront�s offer and now wish to withdraw their shares may do so by calling Georgeson, Freewest�s information agent, at:
North American Toll-Free Number: 1-866-433-7579
Banks and Brokers Collect Number: 1-212-806-6859
To be added to Cliffs Natural Resources e-mail distribution list, please click on the link below:
http://www.cpg-llc.com/clearsite/clf/emailoptin.html
About Cliffs Natural Resources Inc.
Cliffs Natural Resources (NYSE: CLF) (Paris: CLF) is an international mining and natural resources company. We are the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. With core values of environmental and capital stewardship, our colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Our Company is organized through three geographic business units:
The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Eastern Canada, and two coking coal mining complexes located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The South American business unit includes a 30% interest in the Amap� Project, an iron ore project in the state of Amap� in Brazil.
Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world�s largest and fastest growing steel markets.
News releases and other information on the Company are available on the Internet at:
http://www.cliffsnaturalresources.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This news release contains predictive statements that are intended to be made as "forward-looking" within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Although we believe that our forward-looking statements are based on reasonable assumptions, such statements are subject to risk and uncertainties.
Actual results may differ materially from such statements for a variety of reasons, including the inability to close the proposed transaction as a result of competing acquisition proposals, the inability to obtain necessary court approvals for the acquisition and the failure to receive the necessary affirmative vote of Freewest shareholders. Other factors that could impact actual results include the following: demand for ferrochrome by global integrated steel producers; the impact of consolidation and rationalization in the steel industry; availability of capital equipment and component parts; availability of rail and float capacity; availability and cost of capital; ability to maintain adequate liquidity and to access capital markets; events or circumstances that could impair or adversely impact the viability and carrying value of the Freewest assets; inability to achieve expected production levels; reductions in current resource estimates; impacts of increasing governmental regulation, including failure to receive or maintain required environmental permits; problems with productivity, third-party contractors, labor disputes, disputes with indigenous tribes in the area, weather conditions, fluctuations in ore grade and changes in other cost factors, including energy costs and transportation.
Reference is also made to the detailed explanation of the many factors and risks that may cause such predictive statements to turn out differently, set forth in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and previous news releases filed with the Securities and Exchange Commission, which are publicly available on Cliffs Natural Resources' website. The information contained in this document speaks as of the date of this news release and may be superseded by subsequent events.
News releases and other information on the Company are available on the Internet at:
http://www.cliffsnaturalresources.com or
www.cliffsnaturalresources.com/Investors/Pages/default.aspx?b=1041&1=1
CONTACT
Cliffs Natural Resources Inc.
Director, Investor Relations and Corporate Communications
Steve Baisden, 216-694-5280
steve.baisden@cliffsnr.com
or
Manager � Corporate Communications
Christine Dresch, 216-694-4052
christine.dresch@cliffsnr.com
Nachdem Cliffs sein Angebot für FWR nochmals erhöht hat und derzeit rechnerisch ein Verkauf über die Börse günstiger ist, habe ich mich heute von meinen Freewest getrennt.
Einen Teil habe ich gleich wieder in KWG und Spider investiert.
Was macht Ihr mit Euren FWR?
Freundliche Grüße
supernova
Einen Teil habe ich gleich wieder in KWG und Spider investiert.
Was macht Ihr mit Euren FWR?
Freundliche Grüße
supernova
Antwort auf Beitrag Nr.: 38.545.067 von supernova1712 am 10.12.09 16:46:08erst mal abwarten....
da kommt noch was.
LG
da kommt noch was.
LG
Antwort auf Beitrag Nr.: 38.545.067 von supernova1712 am 10.12.09 16:46:08@ supernova
Nachdem Cliffs sein Angebot für FWR nochmals erhöht hat und derzeit rechnerisch ein Verkauf über die Börse günstiger ist, habe ich mich heute von meinen Freewest getrennt.
Das haben andere gestern offensichtlich auch gemacht.
Sagenhafte 51 Mio. (!!!) Aktien gestern gehandelt, über 20% des nicht gerade unerheblichen Floats !
Last Trade: 0.96
Trade Time: Dec 10
Change: 0.00 (0.00%)
Prev Close: 0.96
Open: 0.98
Bid: 0.96
Ask: 0.97
Day's Range: 0.96 - 0.99
52wk Range: N/A
Volume: 51,112,443
FANTOMAS
Nachdem Cliffs sein Angebot für FWR nochmals erhöht hat und derzeit rechnerisch ein Verkauf über die Börse günstiger ist, habe ich mich heute von meinen Freewest getrennt.
Das haben andere gestern offensichtlich auch gemacht.
Sagenhafte 51 Mio. (!!!) Aktien gestern gehandelt, über 20% des nicht gerade unerheblichen Floats !
Last Trade: 0.96
Trade Time: Dec 10
Change: 0.00 (0.00%)
Prev Close: 0.96
Open: 0.98
Bid: 0.96
Ask: 0.97
Day's Range: 0.96 - 0.99
52wk Range: N/A
Volume: 51,112,443
FANTOMAS
Antwort auf Beitrag Nr.: 38.545.067 von supernova1712 am 10.12.09 16:46:08@ supernova
Was macht Ihr mit Euren FWR?
Meine habe ich Noront zum Umtausch angedient.
Wollte schon immer mal ein paar Warrants haben !
Die nächsten "heißen" Kandidaten im RoF sind PRB,UC,KWG und SPQ !
Alle mit Chrom- und anderen Funden, Liegenschaften und JV´s um die Ring of Fire-Intrusion herum und weitere potentielle Übernahmekandidaten !
FANTOMAS
Was macht Ihr mit Euren FWR?
Meine habe ich Noront zum Umtausch angedient.
Wollte schon immer mal ein paar Warrants haben !
Die nächsten "heißen" Kandidaten im RoF sind PRB,UC,KWG und SPQ !
Alle mit Chrom- und anderen Funden, Liegenschaften und JV´s um die Ring of Fire-Intrusion herum und weitere potentielle Übernahmekandidaten !
FANTOMAS
Antwort auf Beitrag Nr.: 38.550.934 von Fantomas96 am 11.12.09 13:13:28Ja, die Noront-Warrants wären sicher interessant gewesen.
Aber das mit den vier potenziellen Übernahmekandidaten PRB, UC, SPQ und KWG sehe ich genauso wie Du. Da könnte auch noch was drin sein - und das ohne die Deadline eines Warrants.
Schönes Wochenende
supernova
Aber das mit den vier potenziellen Übernahmekandidaten PRB, UC, SPQ und KWG sehe ich genauso wie Du. Da könnte auch noch was drin sein - und das ohne die Deadline eines Warrants.
Schönes Wochenende
supernova
Antwort auf Beitrag Nr.: 38.551.372 von supernova1712 am 11.12.09 14:17:54@ supernova
... und das ohne die Deadline eines Warrants.
Was ist das Problem bei einer 5-jährigen Deadline.
Ich finde, genug Zeit, um über C$ 4,00 zu kommen und die Warrants werden zusätzlich als quasi "Hebelpapiere" an der Börse gehandelt.
FANTOMAS
... und das ohne die Deadline eines Warrants.
Was ist das Problem bei einer 5-jährigen Deadline.
Ich finde, genug Zeit, um über C$ 4,00 zu kommen und die Warrants werden zusätzlich als quasi "Hebelpapiere" an der Börse gehandelt.
FANTOMAS
Tjoa, das waren rasche >300 Prozente für mich. Juckt schon, umzusteigen in den nächsten Fahrstuhl nach oben. SPQ kann ich mir gut vorstellen.
Bin aber noch nicht ganz entschieden.
@ kaliho: Das Angebot wurde schon saftig erhöht. Was kann da noch Großes kommen? Dass sie meinethalben auf 2 CAD gehen ist relativ unwahrscheinlich. Und wegen 20, 30 weiteren Prozenten zu warten und anderswo 200, 300 Prozent zu verpassen... naja.
Ich lass mir das nochmal durch die Rybe gehen.
Bin aber noch nicht ganz entschieden.
@ kaliho: Das Angebot wurde schon saftig erhöht. Was kann da noch Großes kommen? Dass sie meinethalben auf 2 CAD gehen ist relativ unwahrscheinlich. Und wegen 20, 30 weiteren Prozenten zu warten und anderswo 200, 300 Prozent zu verpassen... naja.
Ich lass mir das nochmal durch die Rybe gehen.
Präzisiere: >200% Gewinn, so dass das Invest auf >300% der Investitionssumme angewachsen ist.
Man will ja nicht übertreiben.
@Fantomas: Das mit den Warrants finde ich auch interessant. Würde ich auch machen wollen, wenn NOT in fünf Jahren sicher bei 20 CAD stehen würde.
Man will ja nicht übertreiben.
@Fantomas: Das mit den Warrants finde ich auch interessant. Würde ich auch machen wollen, wenn NOT in fünf Jahren sicher bei 20 CAD stehen würde.
Interessant allerdings, dass sich einige "big boys" kürzlich bei Riesenumsätzen (50 Mio.) eingekauft haben: einmal MM Asset Management, ein sog. "event-driven fund", der bei Übernahmeszenarien mitspielt (und verdienen will!) und jetzt ca. 14 Mio. Anteile an FWR hält, und K2, der jetzt bei 21 Mio. = 9,79 % liegt. Die dürften zu um die .96 cent eingekauft haben. Ich kann mir nicht vorstellen, dass sie ein Arbitrage-Spielchen in Richtung 1 Dollar spielen, sondern sich mehr ausrechnen.
Jetzt kommt es darauf an, wieviel Anteile NOT an FWR hält. Das letzte CLF-Angebot sieht ja vor, wenn NOT die Schwelle von 12.5 % an FWR überschreitet, gibt es eine all cash offer von 1 Dollar, aber keine Abstimmung Mitte Januar mehr. Was soll man sich wünschen? Ich halte noch meine gesamten FWR und warte ab - die 96 cent sind jetzt der Boden bis mindesten Mitte Januar - und vielleicht haben NOT weniger als 12,5 %, dann könnte CLF Schwierigkeiten haben, bei der dann erforderlichen Abstimmung im Januar dann über die 66,66 % zu kommen.
Wenn zwischenzeitlich der 41-101 von FWR veröffentlicht werden sollte, wird es auch interessant - wer von möglichen Big Boys wartet noch an der Seitenlinie oder steht hinter NOT bzw. CLF? Äußerst spannende Zeiten...
Viel Glück allen Investierten - möge noch ein wenig mehr heraus springen....
mdv
Jetzt kommt es darauf an, wieviel Anteile NOT an FWR hält. Das letzte CLF-Angebot sieht ja vor, wenn NOT die Schwelle von 12.5 % an FWR überschreitet, gibt es eine all cash offer von 1 Dollar, aber keine Abstimmung Mitte Januar mehr. Was soll man sich wünschen? Ich halte noch meine gesamten FWR und warte ab - die 96 cent sind jetzt der Boden bis mindesten Mitte Januar - und vielleicht haben NOT weniger als 12,5 %, dann könnte CLF Schwierigkeiten haben, bei der dann erforderlichen Abstimmung im Januar dann über die 66,66 % zu kommen.
Wenn zwischenzeitlich der 41-101 von FWR veröffentlicht werden sollte, wird es auch interessant - wer von möglichen Big Boys wartet noch an der Seitenlinie oder steht hinter NOT bzw. CLF? Äußerst spannende Zeiten...
Viel Glück allen Investierten - möge noch ein wenig mehr heraus springen....
mdv
Antwort auf Beitrag Nr.: 38.559.530 von manieredevoir am 13.12.09 19:11:30Interessant allerdings, dass sich einige "big boys" kürzlich bei Riesenumsätzen (50 Mio.) eingekauft haben: einmal MM Asset Management, ein sog. "event-driven fund", der bei Übernahmeszenarien mitspielt (und verdienen will!) und jetzt ca. 14 Mio. Anteile an FWR hält, und K2, der jetzt bei 21 Mio. = 9,79 % liegt. Die dürften zu um die .96 cent eingekauft haben. Ich kann mir nicht vorstellen, dass sie ein Arbitrage-Spielchen in Richtung 1 Dollar spielen, sondern sich mehr ausrechnen.
Oh yes, oh yes, that lights me in.
Gute Argumentation, der kann ich folgen.
Ich denke, ich werde auch noch halten meine gesamten Stückers.
Oh yes, oh yes, that lights me in.
Gute Argumentation, der kann ich folgen.
Ich denke, ich werde auch noch halten meine gesamten Stückers.
UPDATE 1-Freewest-Cliffs deal to proceed, Noront bows out
Mon Dec 14, 2009 10:09am ESTStocks
Freewest Resources Canada Inc
FWR.V
$0.97
+0.01+1.04%
5:19pm UTC+0100
Cliffs Natural Resources Inc.
CLF.N
$45.01
+1.91+4.43%
5:31pm UTC+0100
Noront Resources Ltd
NOT.V
$1.98
-0.11-5.26%
5:31pm UTC+0100
* Says to proceed with deal with Cliffs
* Says only 4.5 pct of shares tendered to Noront bid
TORONTO, Dec 14 (Reuters) - Canadian chromite explorer Freewest Resources (FWR.V) said on Monday it plans to proceed with its deal to be taken over by Cliffs Natural Resources (CLF.N) after a rival hostile bid from Noront Resources (NOT.V) failed to gather enough shareholder support.
Freewest said only 11.8 million, or 4.5 percent, of its outstanding shares had been tendered to the Noront bid, which expired on Dec. 11.
Cliffs has offered to acquire Freewest for C$1 a share, valuing the company at about C$240 million.
Freewest plans to close its deal with Cliffs in January 2010 after holding a special shareholder meeting.
Noront said it will acquire shares tendered toward its offer and will focus on developing its own nickel, copper and chromite assets in northern Ontario.
Freewest shares were flat at 96 Canadian cents in early trading on the TSX Venture Exchange.
($1=$1.06 Canadian) (Reporting by Euan Rocha; editing by Peter Galloway)
Mon Dec 14, 2009 10:09am ESTStocks
Freewest Resources Canada Inc
FWR.V
$0.97
+0.01+1.04%
5:19pm UTC+0100
Cliffs Natural Resources Inc.
CLF.N
$45.01
+1.91+4.43%
5:31pm UTC+0100
Noront Resources Ltd
NOT.V
$1.98
-0.11-5.26%
5:31pm UTC+0100
* Says to proceed with deal with Cliffs
* Says only 4.5 pct of shares tendered to Noront bid
TORONTO, Dec 14 (Reuters) - Canadian chromite explorer Freewest Resources (FWR.V) said on Monday it plans to proceed with its deal to be taken over by Cliffs Natural Resources (CLF.N) after a rival hostile bid from Noront Resources (NOT.V) failed to gather enough shareholder support.
Freewest said only 11.8 million, or 4.5 percent, of its outstanding shares had been tendered to the Noront bid, which expired on Dec. 11.
Cliffs has offered to acquire Freewest for C$1 a share, valuing the company at about C$240 million.
Freewest plans to close its deal with Cliffs in January 2010 after holding a special shareholder meeting.
Noront said it will acquire shares tendered toward its offer and will focus on developing its own nickel, copper and chromite assets in northern Ontario.
Freewest shares were flat at 96 Canadian cents in early trading on the TSX Venture Exchange.
($1=$1.06 Canadian) (Reporting by Euan Rocha; editing by Peter Galloway)
Antwort auf Beitrag Nr.: 38.565.084 von powertecc am 14.12.09 18:48:16Freewest Shareholders Approve Arrangement with Cliffs Natural Resources Inc.
- Freewest to apply for final order from Court on January 26 - Arrangement expected to close on January 27
10:44 EST Monday, January 25, 2010
MONTREAL, QUEBEC--(Marketwire - Jan. 25, 2010) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) announces that its shareholders approved a previously-announced Arrangement with Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF) at a special meeting of Freewest shareholders held today in Montreal. Of a total of 159,808,069 Freewest shares voted, 131,247,614 shares (82.13%) were voted in favour of the Arrangement with Cliffs while 28,560,455 shares (17.87%) were voted against.
The Arrangement was also approved by a majority of the votes cast by Freewest shareholders, excluding the votes cast by Mackenzie I. Watson and Ronny Kay, two of Freewest's executive officers and directors, as required by applicable Canadian securities legislation.
The Arrangement with Cliffs provides that Freewest shareholders will receive, for each Freewest share, a fixed amount of CDN$1.00 in Cliffs shares, based on a five-day volume weighted average trading price of Cliffs' shares on the New York Stock Exchange. If, as expected, the effective date of the Arrangement is January 27, the volume weighted average trading price of Cliffs' shares on the New York Stock Exchange for the relevant five-day period, from January 15 to January 22, as converted into Canadian dollars, is $49.70. As a result, Freewest shareholders will receive 0.0201 of a Cliffs share for each Freewest share, or approximately 20 Cliffs shares for every 1,000 Freewest shares.
As previously announced, Freewest will apply to the Ontario Superior Court of Justice (Commercial List) for a final order in respect of the Arrangement tomorrow, January 26. If the final order is granted by the Court, it is expected that the Arrangement will become effective on Wednesday, January 27. Freewest expects that its shares will be delisted from the TSX Venture Exchange shortly thereafter.
"We are very pleased that our shareholders approved the Arrangement with Cliffs with a strong majority," said Mackenzie I. Watson, President and Chief Executive Officer of Freewest. "We look forward to completing the transaction with Cliffs later this week".
- Freewest to apply for final order from Court on January 26 - Arrangement expected to close on January 27
10:44 EST Monday, January 25, 2010
MONTREAL, QUEBEC--(Marketwire - Jan. 25, 2010) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) announces that its shareholders approved a previously-announced Arrangement with Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF) at a special meeting of Freewest shareholders held today in Montreal. Of a total of 159,808,069 Freewest shares voted, 131,247,614 shares (82.13%) were voted in favour of the Arrangement with Cliffs while 28,560,455 shares (17.87%) were voted against.
The Arrangement was also approved by a majority of the votes cast by Freewest shareholders, excluding the votes cast by Mackenzie I. Watson and Ronny Kay, two of Freewest's executive officers and directors, as required by applicable Canadian securities legislation.
The Arrangement with Cliffs provides that Freewest shareholders will receive, for each Freewest share, a fixed amount of CDN$1.00 in Cliffs shares, based on a five-day volume weighted average trading price of Cliffs' shares on the New York Stock Exchange. If, as expected, the effective date of the Arrangement is January 27, the volume weighted average trading price of Cliffs' shares on the New York Stock Exchange for the relevant five-day period, from January 15 to January 22, as converted into Canadian dollars, is $49.70. As a result, Freewest shareholders will receive 0.0201 of a Cliffs share for each Freewest share, or approximately 20 Cliffs shares for every 1,000 Freewest shares.
As previously announced, Freewest will apply to the Ontario Superior Court of Justice (Commercial List) for a final order in respect of the Arrangement tomorrow, January 26. If the final order is granted by the Court, it is expected that the Arrangement will become effective on Wednesday, January 27. Freewest expects that its shares will be delisted from the TSX Venture Exchange shortly thereafter.
"We are very pleased that our shareholders approved the Arrangement with Cliffs with a strong majority," said Mackenzie I. Watson, President and Chief Executive Officer of Freewest. "We look forward to completing the transaction with Cliffs later this week".
Rest in Peace FREEWEST !
Es war eine schöne Zeit mit Dir (und für mich lebst Du in Noront weiter, fand ich nämlich besser als Cliffs).
FANTOMAS
Es war eine schöne Zeit mit Dir (und für mich lebst Du in Noront weiter, fand ich nämlich besser als Cliffs).
FANTOMAS
Antwort auf Beitrag Nr.: 38.809.801 von Fantomas96 am 25.01.10 23:31:27und für mich lebst Du in Noront weiter
Stimmt!
Aber was hältst Du eigentlich von SPQ und KWG?
Meiner Meinung nach die direkten Profiteure, denn sie haben ja ein JV mit FWR. Wird da Cliffs nicht früher oder später ein weiteres Mal die Geldbörse zücken? Bei KWG sind sie ja schon drin...
Freundliche Grüße
supernova
Stimmt!
Aber was hältst Du eigentlich von SPQ und KWG?
Meiner Meinung nach die direkten Profiteure, denn sie haben ja ein JV mit FWR. Wird da Cliffs nicht früher oder später ein weiteres Mal die Geldbörse zücken? Bei KWG sind sie ja schon drin...
Freundliche Grüße
supernova
http://micro.newswire.ca/release.cgi?rkey=1801274283&view=70…
VANCOUVER, Jan. 27 /CNW/ - The following issues have been halted by
Investment Industry Regulatory Organization of Canada (IIROC):
Issuer Name: Freewest Res Canada
TSX-V Ticker Symbol: FWR
Time of Halt: 9:15 ET
Reason for Halt: Pending delisting
gruss mike
VANCOUVER, Jan. 27 /CNW/ - The following issues have been halted by
Investment Industry Regulatory Organization of Canada (IIROC):
Issuer Name: Freewest Res Canada
TSX-V Ticker Symbol: FWR
Time of Halt: 9:15 ET
Reason for Halt: Pending delisting
gruss mike
FBR Research Reiterates an Outperform on Cliffs Natural Resources (CLF) Raises PT & Estimates
More News related to Analyst Comments
February 1, 2010 10:35 AM EST
FBR Research reiterates an Outperform rating and raises price target on Cliffs Natural Resources (NYSE: CLF) from $41 to $54.
FBR analyst says, "This morning, we are raising our iron ore benchmark price to 121 c/dmtu (a 25% increase over 2009 levels from 10%), increasing our 2010 estimates by about 30%, providing a preliminary $4.10/share value for Freewest Resources, and increasing our price target to $54 per share(excluding Freewest). Global steel utilization and new blast furnace re-starts at Severstal and U.S. Steel are the main reasons for increasing our iron ore price, as well as providing indications of stabilizing CLF's North American volumes...With the 27% pullback since January 11, the stock trades at 5.4x our new 2010 EV/EBITDA estimates versus our coal companies at 6.1x times. The main risk to the story is linked to a significant slowdown in China's ore imports, lower domestic steel capacity utilization, and cost pressures from dollar depreciation...We are increasing our 2010 iron ore price forecast to a 25% YOY increase from 10%, reflecting tightening iron ore fundamentals and global steel production capacity utilization remaining above 70%...While excluded from our price target, we believe the recent acquisition of Freewest Resources Canada could be worth about $4.10/share for CLF shareholders, and it provides decent upside optionality for long-term investors. Our valuation is very sensitive to underlying assumptions and ranges from $0.03/share to $13.96/share...We are increasing our 4Q09 EPS/EBITDA estimates to $0.39/$148.4M from $0.17/$113M to reflect increased met coal volumes, lower costs, and realizations at the high end of the guidance range. We are also increasing our 2010 EPS/EBITDA estimates to $3.49/$934M from $2.56/$746M, primarily to reflect our higher commodity price expectations."
To see all the upgrades/downgrades on shares of CLF, visit our Analyst Ratings page.
Tja, da wurden die FWR Anteilseigner aber ganz schön über den Tisch gezogen !
FANTOMAS
More News related to Analyst Comments
February 1, 2010 10:35 AM EST
FBR Research reiterates an Outperform rating and raises price target on Cliffs Natural Resources (NYSE: CLF) from $41 to $54.
FBR analyst says, "This morning, we are raising our iron ore benchmark price to 121 c/dmtu (a 25% increase over 2009 levels from 10%), increasing our 2010 estimates by about 30%, providing a preliminary $4.10/share value for Freewest Resources, and increasing our price target to $54 per share(excluding Freewest). Global steel utilization and new blast furnace re-starts at Severstal and U.S. Steel are the main reasons for increasing our iron ore price, as well as providing indications of stabilizing CLF's North American volumes...With the 27% pullback since January 11, the stock trades at 5.4x our new 2010 EV/EBITDA estimates versus our coal companies at 6.1x times. The main risk to the story is linked to a significant slowdown in China's ore imports, lower domestic steel capacity utilization, and cost pressures from dollar depreciation...We are increasing our 2010 iron ore price forecast to a 25% YOY increase from 10%, reflecting tightening iron ore fundamentals and global steel production capacity utilization remaining above 70%...While excluded from our price target, we believe the recent acquisition of Freewest Resources Canada could be worth about $4.10/share for CLF shareholders, and it provides decent upside optionality for long-term investors. Our valuation is very sensitive to underlying assumptions and ranges from $0.03/share to $13.96/share...We are increasing our 4Q09 EPS/EBITDA estimates to $0.39/$148.4M from $0.17/$113M to reflect increased met coal volumes, lower costs, and realizations at the high end of the guidance range. We are also increasing our 2010 EPS/EBITDA estimates to $3.49/$934M from $2.56/$746M, primarily to reflect our higher commodity price expectations."
To see all the upgrades/downgrades on shares of CLF, visit our Analyst Ratings page.
Tja, da wurden die FWR Anteilseigner aber ganz schön über den Tisch gezogen !
FANTOMAS
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