Shareholders of Freewest Resources have proved the sale of the Montreal junior miner to Cliffs Natural Resources for $1 per share.
It was supported by the board and management of Freewest, Jan. 25, by 82 per cent of the votes cast by shareholders present or represented by proxy.
“We look forward to developing what was consider to be one of the premier chromite deposits in the world,” said Cliffs chairman, president and CEO Joseph Carrabba in a Jan. 25 statement.
Carrabba said the acquisition positions his company to be the “sole North American primary chromite and ferrochrome producer/exporter.”
The transaction was expected to close Jan. 27.
Freewest shareholder will receive value equal to $1, comprised of 0.0201 Cliffs shares for each Freewest share owned.
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