Freewest Completes $4.1 Million Private Placement To Cliffs Natural Resources Inc.
- Freewest issues 6,908,440 shares to Cliffs at a price of
.60 per share, for proceeds to Freewest of $4,145,064
.60 per share, for proceeds to Freewest of $4,145,064.The proceeds from the private placement will be used by Freewest for working capital purposes and for continuing work on Freewest’s 100%-owned McFaulds property. As a result of the private placement, to Freewest’s knowledge, Cliffs indirectly holds 21,658,440 Freewest shares, representing approximately 9.73% of the 222,033,479 shares that are issued and outstanding.
Under applicable securities legislation and the policies of the TSX Venture Exchange, the foregoing shares are subject to a hold period expiring on March 31, 2010.
About Freewest
Freewest is a mineral exploration company actively exploring for gold, base-metals and chromite within eastern Canada. Corporate information can be accessed on the Internet at www.freewest.com. Freewest’s shares are listed on Tier 1 of the TSX Venture Exchange under the symbol FWR.
Freewest Announces Exercise Of Warrants By Cliffs Natural Resources Inc.
- Freewest to issue 7,375,000 shares to Cliffs at a price of
.45 per share, for proceeds to Freewest of $3,318,750
.45 per share. Upon the exercise of the warrants, Freewest will receive proceeds of $3,318,750. Cliffs acquired the warrants in June 2009 as part of a $5.16 million private placement with Freewest.The proceeds from the exercise of the warrants will be used by Freewest for working capital purposes and for continuing work on Freewest’s 100%-owned McFaulds property.
Upon the exercise of the warrants, to Freewest’s knowledge, Cliffs will indirectly hold 29,033,440 Freewest shares, representing approximately 12.65% of the 229,508,479 shares that will be issued and outstanding.
About Freewest
Freewest is a mineral exploration company actively exploring for gold, base-metals and chromite within eastern Canada. Corporate information can be accessed on the Internet at www.freewest.com. Freewest’s shares are listed on Tier 1 of the TSX Venture Exchange under the symbolHere is a simple way to calculate FWR value is:
1. Total Chromite tons...I have submitted that in total that FWR's, Black Thorto the 1000M level will have 250 Million Tons, Black Label will have 125 Million Tons also to 1000m, and 40% of BIG Daddy, to 1000M, 60 Million Tons,
For a Grand total of 435 Million tons of High Grade Chromite
Now of course this is my conservative estimation from the known Geology and only to a depth of only1000M, We all know that some deposits at ROF go much deeper like 2000 or 3000 meters...
Now if we take again conservatively , a total Tons of 250 Million altogether. , we want to be "reasonable" after all, we know that from CLIFFS own numbers they advertised that it would take 2 Milliion Tons of Chromite, to make about 1 Million tons of Ferro Chrome....
SO 250 mIllion divided by 2 equals 125 Million tons of Ferro Chromw....Now let's use a conservative price for this Ferro Chromeat 1$, or $2000.00 a Ton...SO 125 Million Tonsx $2000.00 equals $250,000,000,000.00 or
$250 Billion Dollars...These numbers are all derived from Cliffs, The Total Tons is much underatted, in order to be "reasonable....So any way you count it we FWR are worth $250, Billions Dollars...Given a simple 10% in situe, will mean $25 Billion Dollars=10% in situ....., now this $25 Billions divided by 200 MIllion shares of FWR, Cliffs shares don't count, comes to $125 dollars per share...So now we can see the true value of FWR just on 10% in situe value....this 10% in Situe is the average calculated figure in the Mining "business'.
Now of course we can be even more reasonable and only request half of that or 5%in situe value which will be $62.50...Again $62.50, with just paying us 5% in situe value for Tonnage....Now also remember this amount does NOT include all other FWR assets, cash stocks owned, or other richest found in said calims, like MMS NiCU, and of course all the PGEs....
1. Total Chromite tons...I have submitted that in total that FWR's, Black Thorto the 1000M level will have 250 Million Tons, Black Label will have 125 Million Tons also to 1000m, and 40% of BIG Daddy, to 1000M, 60 Million Tons,
For a Grand total of 435 Million tons of High Grade Chromite
Now of course this is my conservative estimation from the known Geology and only to a depth of only1000M, We all know that some deposits at ROF go much deeper like 2000 or 3000 meters...
Now if we take again conservatively , a total Tons of 250 Million altogether. , we want to be "reasonable" after all, we know that from CLIFFS own numbers they advertised that it would take 2 Milliion Tons of Chromite, to make about 1 Million tons of Ferro Chrome....
SO 250 mIllion divided by 2 equals 125 Million tons of Ferro Chromw....Now let's use a conservative price for this Ferro Chromeat 1$, or $2000.00 a Ton...SO 125 Million Tonsx $2000.00 equals $250,000,000,000.00 or
$250 Billion Dollars...These numbers are all derived from Cliffs, The Total Tons is much underatted, in order to be "reasonable....So any way you count it we FWR are worth $250, Billions Dollars...Given a simple 10% in situe, will mean $25 Billion Dollars=10% in situ....., now this $25 Billions divided by 200 MIllion shares of FWR, Cliffs shares don't count, comes to $125 dollars per share...So now we can see the true value of FWR just on 10% in situe value....this 10% in Situe is the average calculated figure in the Mining "business'.
Now of course we can be even more reasonable and only request half of that or 5%in situe value which will be $62.50...Again $62.50, with just paying us 5% in situe value for Tonnage....Now also remember this amount does NOT include all other FWR assets, cash stocks owned, or other richest found in said calims, like MMS NiCU, and of course all the PGEs....
FWR Fair Offer Movement
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