Cliffs Natural Resources Inc. (CLF) announced that shareholders of Freewest Resources Canada Inc. (FWR.V) has approved the plan of arrangement for Cliffs to acquire the Montreal-based exploration company for C$1.00 per share.
The transaction is expected to close on January 27. Assuming January 27 becomes the effective time, Freewest shareholders will receive value equal to C$1.00, comprised of 0.0201 Cliffs shares for each Freewest share owned. Under the plan of arrangement, the fraction of a Cliffs share received is based on the Cliffs volume weighted average price for the five New York Stock Exchange trading days from January 15 to January 22.
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