IMO
the share offer values 1 FWR share at 2.25/3.5 = .64
therefore, the attached warrant offer must value 1 FWR share at .24 to agree with the NR.

Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) announced today that it has increased its Offer (the "Offer") for Freewest Resources Canada Inc. ("Freewest") (TSX Ventures: FWR) to an implied Offer price of approximately C$0.86 per share (based on Noront's November 27, 2009 closing share price of C$2.25) in a transaction that values the fully diluted share capital of Freewest at approximately C$222 million. Under the Offer, Freewest common shareholders will be entitled to receive:



- one (1) Noront common share for every 3.5 Freewest common share
tendered (the "Exchange Ratio"); plus
- one (1) Noront warrant (the "Noront Warrant"), with each full warrant
entitling the holder to acquire one Noront common share, for every
seven (7) Freewest common shares tendered;


The Noront Warrants will have an exercise price of C$4.00 per Noront common share and will expire five years after the date on which Noront first pays for Freewest common shares tendered to the Offer.

Regards