Shares Outstanding: 163,631,957
Fully Diluted: 173,461,957
TORONTO, Nov. 18 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) responds to the inaccurate and misleading statements made by Freewest Resources Canada Inc. ("Freewest", TSX-V:FWR) in its press release of November 17, 2009 (the "Press Release"). Noront views the statements made in the Press Release regarding the agreement reached by the parties before the Bureau de Décision et de Révision en Valeurs Mobilières (the "Bureau") to be incorrect and a blatant attempt to mischaracterize the events that transpired.
On October 30, 2009, Noront submitted its application to the Bureau for a cease-trade order in respect of Freewest's Shareholder Rights Plan. A hearing before the Bureau was scheduled for November 12 and 13, 2009. On November 11, 2009, in advance of the commencement of the hearing, representatives of Freewest initiated discussions with Noront's legal advisors in an attempt to negotiate a settlement.
Following lengthy negotiations between the parties, an agreement was reached late in the day on November 11, 2009 pursuant to which Freewest undertook to waive, effective immediately at 5 p.m. on December 1, 2009, the application of Freewest's Shareholder Rights Plan to Noront's Offer, provided that Noront extended its Offer to a time not earlier than 5:00 p.m. (Montreal time) on December 1, 2009.
Noront is outraged that Freewest would characterize the settlement reached by the parties as anything other than a mutually agreed upon settlement of the issues with respect to the application of the Freewest Shareholder Rights Plan to Noront's Offer. Noront has filed on SEDAR a copy of the executed agreement reached between Noront and Freewest, as formally approved by the Bureau on November 12, 2009.
Noront views these misstatements by Freewest as another example of its efforts to mislead the Freewest shareholders and draw attention away from the only offer that has been put before the Freewest shareholders. As Freewest itself has noted, there is no certainty that an alternative transaction will materialize and, absent a further extension, the Noront Offer will expire at 5:00 p.m. on December 1, 2009.
About Noront Resources:
Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite 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 the remainder of 2009 and 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 and 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.
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: please contact Joanne Jobin, Vice President Corporate Communications at (416) 367-1444 ext 126, or visit Noront's website at: http://www.norontresources.com