From the Globe and Mail this morning. It may shed some light on why NOT has not been in a hurry to move to the TSX from the Venture Exchange.

cheers

killick

long on NOT

Noront Resources Ltd (C-NOT) - In the News

Globe says Noront makes final bid for Freewest

2009-12-01 05:34 ET - In the News
Shares issued 163,781,957
NOT Close 2009-11-30 C$ 2.29

Also In the News (C-FWR) Freewest Resources Canada Inc

The Globe and Mail reports in its Tuesday, Dec. 1, edition that Noront Resources' efforts, if successful, to trump a rival bid from Cliffs Natural Resources for Freewest Resources Canada, would dilute Noront shareholders by about 37 per cent. The Globe's Andy Hoffman writes that Noront chief executive officer Wes Hanson says despite the heavy dilution, he will not be giving his shareholders a vote on the proposed transaction, "because we are listed on the TSX Venture Exchange." Under recently enacted rules, companies that trade on the Toronto Stock Exchange are required to give their shareholders a vote on any transaction that increases the amount of shares by more than 25 per cent. However, the smaller firms that trade on the TSX Venture Exchange are exempt from the new regulations. Noront's offer, which consists of shares and warrants, is a bold attempt to win the battle for Freewest and its promising chromite deposits in the Ring of Fire. Cliffs' all-stock bid for Freewest values the company at 70 cents per share. Noront claims its "full, fair and final" offer values Freewest at 86 cents per share, based on Noront's share price before the bid was announced.