Cliffs Acquisition of Freewest Completed
January 27 2010 - 1:51PM
Marketwired Canada
Freewest Resources Canada Inc. (TSX VENTURE:FWR) ("Freewest" or the "Company")
announced today the completion of its previously announced arrangement (the
"Arrangement") under the Canada Business Corporations Act. The Arrangement was
approved on January 25, 2010 by holders of Freewest common shares ("Freewest
Shares"). The Ontario Superior Court of Justice (Commercial List) granted its
final order approving the Arrangement on January 26, 2010.
Pursuant to the Arrangement, Cliffs Natural Resources Inc. ("Cliffs") indirectly
acquired all of the Freewest Shares not already owned by it and its affiliates
in exchange for 0.02016 of a common share of Cliffs per Freewest share (the
"Share Consideration").
Upon surrender to Computershare Investor Services Inc. (the "Depositary") of
certificates representing Freewest Shares that were outstanding immediately
prior to the effective time of the Arrangement, together with a duly completed
and executed Letter of Transmittal, registered holders of such shares are
entitled to receive the Share Consideration pursuant to, and subject to the
terms and conditions of, the Plan of Arrangement. Each registered shareholder
(other than CDS and DTC) will receive a Direct Registration Advice (DRA),
evidencing the Cliffs shares held by such shareholder. A shareholder can request
to receive a physical share certificate representing the Share Consideration by
completing the information accompanying the DRA. Any questions regarding payment
of the Share Consideration, including any requests for an additional copy of the
Letter of Transmittal, should be directed to the Depositary via telephone at
1-800-564-6253 (toll free in North America) or 514-982-7555 or via email at
corporateactions@computershare.com.
Non-registered holders of Freewest Shares that were outstanding immediately
prior to the effective time of the Arrangement should contact their nominee
(i.e., broker, trust company, bank or other registered holder) which holds the
certificates representing such securities, on their behalf to arrange for
surrender and payment pursuant to the Arrangement.
It is expected that the Freewest Shares will be delisted from the TSX Venture
Exchange later this week. Freewest intends to apply to the relevant securities
regulatory authorities to cease to be a reporting issuer in each of the
jurisdictions in Canada in which it is currently reporting.
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.
About Cliffs Natural Resources Inc.
Cliffs Natural Resources Inc. is an international mining and natural resources
company. A member of the S&P 500 Index, 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 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 Latin American business unit includes a 30% interest in the Amapa Project,
an iron ore project in the state of Amapa in Brazil.
Other projects under development include a biomass production plant in Michigan
and Ring of Fire chromite properties in Ontario, Canada. 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.
Caution Concerning Forward-looking Statements
This news release contains forward-looking statements relating to Freewest,
including statements regarding the delisting of its securities from the TSX
Venture Exchange and it ceasing to be a reporting issuer. Any statements that
are not statements of historical fact (including statements containing the words
'believes,' 'intends', 'plans,' 'anticipates,' 'expects,' 'estimates' or similar
expressions) and refer to management's expectations or plans and should be
considered to be forward-looking statements. Such forward-looking statements are
subject to important risks, uncertainties and assumptions. The results or events
predicted in these forward-looking statements may differ materially from actual
results or events. As a result, you are cautioned not to place undue reliance on
these forward-looking statements. The forward-looking statements are based on a
number of assumptions which may prove to be incorrect including, but not limited
to, the applicable regulators and stock exchanges consenting to the delisting of
Freewest's securities and Freewest ceasing to be a reporting issuer. Readers are
cautioned that the foregoing list is not exhaustive. The forward-looking
statements contained in this news release are made as of the date of this
release and, accordingly, are subject to change after such date. Except as may
be required by Canadian securities laws, Freewest disclaims any intention and
assumes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, Freewest undertakes no obligation to comment on expectations of,
or statements made by, third parties in respect of Freewest or the acquisition
of Freewest by Cliffs.
Freewest Resources Canada Com Npv (TSXV:FWR)
Historical Stock Chart
From Jul 2024 to Aug 2024
Freewest Resources Canada Com Npv (TSXV:FWR)
Historical Stock Chart
From Aug 2023 to Aug 2024