Cliffs Natural Offers $104M For Freewest Chromite

Law360, New York (November 23, 2009, 2:44 PM EST) -- U.S. mining company Cliffs Natural Resources Inc. has agreed to pay CA$110 million ($104 million) to purchase Freewest Resources Canada Inc. to gain control of the Montreal-based company's Ontario chromite deposits.

Ohio-based Cliffs, which already holds 6.9 percent of Freewest's basic shares, has offered Freewest's shareholders CA$0.55 ($0.52) per share in the form of its own common stock to purchase the rest of company, it said in a statement Monday.

Freewest had been fending off a hostile bid from Toronto-based rival Noront resources.

The deal, which...
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