MONTREAL — The special committee and the board of directors at Freewest Resources have unanimously rejected the hostile takeover bid announced two weeks ago by Noront Resources of Toronto. Shareholders are urged not to tender their Freewest shares to Noront.
Noront has offered 0.25 of a Noront share plus $0.0001 for each Freewest share tendered. The deal values Freewest at approximately $90 million. Both companies have active exploration projects in Ontario's Ring of Fire in the James Bay Lowlands.