Cut and paste from this morning MC at Cannacord.

Freewest Resources* (FWR : TSX-V : $0.64), Net Change: 0.09, % Change: 16.36%, Volume: 10,939,521

Cliffs Natural Resources* (CLF : NYSE : US$42.54), Net Change: -0.48, % Change: -1.12%, Volume: 3,669,852

Noront Resources* (NOT : TSX-V : $2.30), Net Change: 0.01, % Change: 0.44%, Volume: 1,934,840

Freeing Freewest. Shares of Freewest popped Monday morning after U.S.-based mining company Cliffs Natural Resources agreed to buy the company for roughly C$150 million, to gain control of the exploration company's chromite properties in Ontario. Cliffs, an almost US$46 billion market cap company, will acquire all of Freewest's chromite interests and spin off the other assets into a "new" Freewest, which will exist independently and continue to trade on the TSX Venture Exchange. (Of note, chromite is an essential raw material for the production of chromium, which is used in the production of stainless steel). Each Freewest shareholder will receive C$0.55 in shares of Cliffs and one share of New Freewest with an estimated value of C$0.15, for a total estimated value of C$150.6 million or C$0.70 per Freewest share. The transaction represents a 122.2% premium to Freewest's closing price on October 2, 2009, immediately prior to the announcement of the unsolicited offer by Noront, and a 27.3% premium to Freewest's closing price on November 20, 2009. Freewest has been fending off a C$90 million hostile bid from rival Noront Resources since October, describing it as "highly opportunistic." Freewest said its board unanimously supports the offer from Cliffs, North America's largest producer of iron ore pellets, and has recommended that all Freewest shareholders accept it.