Freewest Announces Exercise of Warrants by Cliffs Natural Resources Inc.
01 Diciembre 2009 - 5:38PM
Marketwired
Freewest Resources Canada Inc. (TSX VENTURE: FWR) announces that it
has been notified by Cliffs Natural Resources Inc. (NYSE:
CLF)(PARIS: CLF) 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
North American Toll Free Number: 1-866-433-7579
Banks and Brokers Collect Number: 1-212-806-6859
Forward-Looking Statements
This news release contains statements that constitute
"forward-looking information" or "forward-looking statements"
within the meaning of applicable securities legislation. This
forward-looking information is subject to numerous risks and
uncertainties, certain of which are beyond the control of Freewest
Resources Canada Inc. ("Freewest"). Actual results or achievements
may differ materially from those expressed in, or implied by, this
forward-looking information. No assurance can be given that any
events anticipated by the forward-looking information will
transpire or occur, or if any of them do so, what benefits that
Freewest will derive therefrom. In particular, no assurance can be
given as to whether a proposed plan of arrangement with Cliffs
Natural Resources Inc. will be completed. Forward-looking
information is based on the estimates and opinions of Freewest's
management at the time the information is released and Freewest
does not undertake any obligation to update publicly or to revise
any of the forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Freewest Resources Canada Inc. Mackenzie I. Watson
President and CEO (514) 878-3551 or 1-888-878-3551 (514) 878-4427
(FAX) info@freewest.com www.freewest.com AGORACOM Investor
Relations FWR@Agoracom.com http://agoracom.com/ir/freewest
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