Noront agreement to acquire Freewest Resources

Noront Resources Ltd (C:NOT)
Shares Issued 175,633,642
Last Close 6/18/2010 $1.30
Monday June 21 2010 - Acquisition

The TSX Venture Exchange has accepted for filing documentation pertaining to Noront Resources Ltd.'s Oct. 13, 2009, offer to purchase all the outstanding common shares of Freewest Resources Canada Inc. on the basis of 0.2857 of a common share and 0.1429 of a common share purchase warrant (each warrant will have an exercise price of $4.00 for a period of five years) of the company for each common share of Freewest. The company issued 3,359,550 common shares and 1,680,366 warrants to Freewest holders who validly tendered Freewest shares in acceptance of the offer. The company subsequently cancelled 1,915,743 common shares and 958,216 warrants in connection with the offer pursuant to the terms of a purchase and settlement agreement between the company and the same institutional investors. As a result, a net of 1,443,789 common shares and 722,150 warrants were issued pursuant to the offer.

For further information, please refer to the company's offer to purchase and takeover bid circular dated Oct. 13, 2009 (as filed on SEDAR under Freewest's profile), and their news release dated Oct. 13, 2009.