Business
Freewest Sharheolders Have A Choice: Tender To Noront Offer Now And Retain Upside Exposure To The Ring Of Fire
Freewest Sharheolders Have A Choice: Tender To Noront Offer Now And Retain Upside Exposure To The...
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\n\n\n\nDec. 9, 2009 (Canada NewsWire Group) -- TORONTO, Dec. 9 /CNW/ -- Noront Resources Ltd. (\"Noront\" or the \"Company\") (TSX Venture: NOT) requests Freewest Resources Canada Inc. (\"Freewest\") to publicly disclose:- The reasons for setting the record date of December 10, 2009 for itsspecial meeting of shareholders on January 15, 2010, where aresolution to approve the December 3, 2009 plan of arrangementbetween Freewest and Cliffs Natural Resources Inc. (\"Cliffs\") will beconsidered;- Whether Freewest intends to permit Cliffs' wholly owned subsidiary tovote the shares acquired as a result of the private placementannounced in connection with its offer for Freewest ; and- Why Freewest's senior management and Board of Directors would agreeto reduce the C$6.5m change of control payment due to seniormanagement under the Cliffs deal to C$2.5m and not reduce those samepayments under the Noront Offer or any other offerNoront calls on Freewest to be transparent and to dispel the reasonable inference that it is employing tactics to limit its shareholders' ability to make choices that are in their best interests.Noront's President and CEO Wes Hanson notes: \"Freewest's management appears to be purposefully employing defensive tactics to frustrate Noront's Offer at the expense of Freewest's shareholders. Noront's Offer is a simple, unconditional offer predicated on the fact that Freewest shareholders should have the right to participate in any significant upside of the Ring of Fire.\"Additionally, Noront has asked the Director appointed under the Canada Business Corporations Act to consider whether any form of initial order sought by Freewest in connection with the special meeting is fair and reasonable in the circumstances of a pending takeover offer and that Cliffs be prevented from voting its Freewest shares at the special meeting of shareholders on January 15, 2010.Record DateIt does not appear to Noront that there is a legitimate purpose for Freewest to set the record date one day before Noront has the opportunity to take up shares tendered to its Offer. There is no urgency for the special meeting of shareholders to be held, nor the corresponding record date set as it has been; Freewest and Cliffs have until March 31, 2010 to hold a shareholder meeting. Freewest's decision appears entirely a defensive tactic designed to assist ...