Freewest Amends Stock Option Plans
January 22 2010 - 4:27PM
Marketwired
Freewest Resources Canada Inc. (TSX VENTURE: FWR) announces that
its Board of Directors has enacted technical amendments to
Freewest's 1997 Stock Option Plan and 2003 Stock Option Plan, to
give holders of vested "in-the-money" options the right to elect to
be paid in cash, under the Stock Option Plans, the same amount that
they would otherwise be entitled to receive pursuant to the
proposed Plan of Arrangement between Freewest and Cliffs Natural
Resources Inc.
Any such election by an option holder will become effective only
upon acceptance in writing by Freewest. Upon acceptance by
Freewest, the options will be immediately cancelled and an optionee
will have no further rights with respect to such options, other
than the right to be paid for them. Payment will be made by
Freewest no later than three business days after acceptance by
Freewest of the notice.
The amendments to the 1997 Stock Option Plan and 2003 Stock
Option Plan are subject to approval by the TSX Venture
Exchange.
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.
Forward-Looking Statements
This news release contains statements that constitute
"forward-looking information" or "forward-looking statements"
within the meaning of applicable securities legislation. This
forward-looking information is subject to numerous risks and
uncertainties, certain of which are beyond the control of Freewest
Resources Canada Inc. ("Freewest"). Actual results or achievements
may differ materially from those expressed in, or implied by, this
forward-looking information. No assurance can be given that any
events anticipated by the forward-looking information will
transpire or occur, or if any of them do so, what benefits that
Freewest will derive therefrom. In particular, no assurance can be
given as to whether the proposed plan of arrangement with Cliffs
Natural Resources Inc. will be completed. Forward-looking
information is based on the estimates and opinions of Freewest's
management at the time the information is released and Freewest
does not undertake any obligation to update publicly or to revise
any of the forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Freewest Resources Canada Inc. Mackenzie I. Watson
President and CEO (514) 878-3551 or 1-888-878-3551 (514) 878-4427
(FAX) info@freewest.com www.freewest.com
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