Freewest Resources Canada Inc.

Published : January 27th, 2010

Cliffs Acquisition of Freewest Completed

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Jan 27, 2010
Freewest Resources - Press Release


Cliffs Acquisition of Freewest Completed


MONTREAL, QUEBEC�( Jan. 27, 2010) - 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.


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 INFORMATION:
Cliffs Natural Resources Inc.
Mr. Steve R. Baisden
Director, Investor Relations and
Corporate Communications
(216)-694-5280
http://www.cliffsnaturalresources.com




   
   
FEATURED LINKS

Freewest Resources Web Site

Freewest Resources IR HUB


   


Contact Us






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Freewest Resources Canada Inc.

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Freewest Resources is a gold and copper exploration company based in Canada.

Freewest Resources holds various exploration projects in Canada.

Its main exploration properties are LIZAR, SUNGOLD, LAROSE PROPERTY, GEORGE RIVER, GOLDEN RIDGE, CLAW LAKE, DALHOUSIE, VERNEUIL TOWNSHIP, BARRY - URBAN (WINDFALL), MC FAULD'S LAKE, CLARENCE STREAM, LAROSE CLAIMS, SNOOK LAKE and PLASTER ROCK in Canada.

Freewest Resources is listed in Canada. Its market capitalisation is CA$ 191.3 millions as of today (US$ 190.3 millions, € 135.2 millions).

Its stock quote reached its lowest recent point on December 05, 2008 at CA$ 0.12, and its highest recent level on December 18, 2009 at CA$ 0.99.

Freewest Resources has 214 900 000 shares outstanding.

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Annual reports of Freewest Resources Canada Inc.
2007 Annual Report
Financings of Freewest Resources Canada Inc.
6/4/2009Completes $5.16 Million Private Placement
2/26/2009Retains Investor-Relations Firm And Proposes To Extend Expir...
12/31/2008Announces Closing of $2,300,000 Private Placement
3/6/2008Announces Closing of $3 Million Private Placement
1/11/2008 Engages PowerOne Capital Markets for Private Placement of U...
12/7/2007Announces Private Placement for a Maximum of $800,000
10/31/2007 Announces Second Closing of $800,000 Private Placement With...
10/23/2007Announces Closing of $500,000 "Flow-Through" Private Placeme...
7/30/2007Announces Closing of $1 Million "Flow-Through" Private Place...
Option Grants of Freewest Resources Canada Inc.
1/21/2009Grants Stock Options
9/2/2008Grants Stock Options
Project news of Freewest Resources Canada Inc.
10/26/2009(Mc Fauld's Lake)Commence Drilling of Prospective Airborne Geophysical Anomal...
10/15/2009(Mc Fauld's Lake)Continues to Generate Excellent Drill Results at Black Thor
9/17/2009(Mc Fauld's Lake)Reports Additional Excellent Drill Results From its 100%-Own...
8/11/2009(Mc Fauld's Lake)Diamond Drilling Activity on Its 100%-Owned McFaulds Propert...
6/30/2009(Mc Fauld's Lake)Resumes Diamond Drilling on Its 100%-Owned McFaulds
6/2/2009Intersects 34.1% Cr2O3 Over 174 Metres at Black Thor
2/5/2009Intersects 30.0% Cr2O3 Over 124 Metres at Black Thor
1/9/2009(Clarence Stream)Intersect 8.24 g/t Gold Over 5.00 Metres in Deeper Drilling ...
12/15/2008High-Grade Chromite Intersections Continue To Outline
12/10/2008(Mc Fauld's Lake)Updates Exploration Activities on Its 100%-Owned McFaulds Pr...
11/26/2008(Mc Fauld's Lake)INTERSECTS 40.4% OVER 46.3 METRES AT THE BLACK THOR CHROMIT...
11/21/2008Resume Diamond Drilling on Its 100%-Owned McFaulds Property ...
11/7/2008(Mc Fauld's Lake)Updates Exploration Activity on Its 100%-Owned McFaulds Prop...
11/6/2008(Mc Fauld's Lake)Updates Exploration Activity on Its 100%-Owned McFaulds
9/29/2008Intersects 110 Metres of Chromite
9/15/2008 Intersects 100 Metres Of Chromite Mineralization In First H...
9/10/2008(Mc Fauld's Lake)Commences Diamond Drilling on its 100%-Owned McFaulds Proper...
5/14/2008(Mc Fauld's Lake)Noront and Freewest to Jointly Explore Key Airborne Geophysi...
3/19/2008 Near Surface High Grade Gold Intersected On Noront-Freewest...
3/6/2008(Mc Fauld's Lake)Interpretation of Airborne Geophysical Surveys Completed on ...
2/29/2008(Clarence Stream) Intersects 7.98 G/T Gold Over 12 Metres in Deeper Drilling ...
1/10/2008(Clarence Stream)and Rockport Set to Resume Diamond Drilling at Clarence Stre...
12/21/2007(Sungold)Partners With a Major Mining Company to Further Explore its ...
12/18/2007(Golden Ridge)Explore its Golden Ridge Property in New Brunswick and Maine
10/3/2007(Clarence Stream)Drilling Demonstrates Excellent Potential for Deep Gold Zone...
8/13/2007(Clarence Stream) Intersects 6.59 g/t Gold Over 7.00 Metres in Deeper Drillin...
6/5/2007(Lizar)Options Lizar Gold-Based Metal Property in Northwestern Onta...
2/28/2007Intersects 12.45 g/t Gold Over 4.50 Metres and 12.51 g/t Gol...
Corporate news of Freewest Resources Canada Inc.
1/27/2010Cliffs Acquisition of Freewest Completed
1/26/2010Obtains Final Order for Arrangement With Cliffs Natural Reso...
1/25/2010To apply for final order from Court on January 26
1/14/2010Reminds Shareholders to Vote for Plan of Arrangement
10/14/2009Attending The World Money Show In Toronto
10/14/2009Finds New Partner in Eagle Hill
2/12/2009CEO Interview February 12, 2009
1/16/2009 Significant Chromite Intersections Returned From Two Additi...
11/20/2008Attending Hard Assets Investment Conference - San Francisco
9/26/2008More Massive Chromitite
8/20/2008Spider and KWG Intersect 45.6 Metres of Massive Chromite
7/22/2008Drilling Resumes on Nickel Chrome Prospect
7/9/2008Updates Exploration Activities on Its McFaulds Project in On...
6/13/2008and Rockport Announce Increase in Mineral Resources
6/11/2008Spider, KWG and Freewest Intersect 30.73% Chrome
4/30/2008and Rockport Continue to Expand Deep Zone and Intersect 17.2...
4/8/2008Spider, KWG and Freewest Provide Drill Update on Freewest Op...
4/2/2008Attend The Calgary Resource Investment Conference April 12 &...
3/13/2008Mackenzie Watson to Appear on BBN TV's Commodities Report
2/4/2008 KWG, Spider and Freewest Start Winter Exploration Program
1/28/2008Freewest Resources Press Release - January 28, 2008
12/20/2007Acquires New Volcanic-Hosted Massive Sulphide Occurrence at ...
11/1/2007New Uranium Corridor on its Thor Property in Northwestern On...
10/22/2007 Spend $7.5 Million to Gold Properties in New Brunswick
10/9/2007Announces Filing of Quest Uranium Corporation Preliminary Pr...
10/1/2007Prioritizes Exploration Targets on its Mcfaulds Property, On...
7/11/2007Acquires Croon Lake Uranium Property in Northwestern Ontario...
5/23/2007Acquires Dalhousie Mountain Nickel-Copper-Vanadium Property ...
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