Shares Outstanding: 163,631,957
Fully Diluted: 173,461,957
TORONTO, Dec. 14 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) announces its offer to acquire all the common shares of Freewest Resources Canada Inc. ("Freewest") expired as of 11:59 p.m. (Toronto time) on December 11, 2009 and was not extended. Noront, in accordance with the terms of its offer, has taken up and will pay for the 11,755,018 Freewest shares that were properly tendered and deposited with the Company's depositary, Equity Transfer & Trust Company. As a result, Noront will own 4.5% of Freewest on a fully diluted basis. Noront intends to issue an aggregate of approximately 3,358,576 Noront common shares and 1,679,288 Noront common share purchase warrants to Freewest shareholders who tendered to the Offer.
Wes Hanson, President and CEO of Noront stated, "We realized from the onset that the successful takeover of Freewest would be a challenge, but it offered significant potential value to all shareholders, thereby justifying the effort. Although our bid was unsuccessful, we welcome those Freewest shareholders who tendered their shares to our Offer. You are joining a company with demonstrated exploration capability. Our focus in the coming months will be directed at increasing shareholder value through continued exploration at Eagle's Nest, the evaluation of other targets within our land package and determining the initial development plan and schedule for the Eagle's Nest - Blackbird Complex."
Noront management continues to focus on aggressively developing its Ring of Fire assets including, the Eagle's Nest nickel-copper-PGE deposit, the Blackbird chromite deposit, the AT12 nickel-copper-PGE deposit and the Triple J gold zone - all located in the Ring of Fire mineralization district.
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 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.
SOURCE NORONT RESOURCES LTD.
For further information: 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.