TORONTO, ONTARIO--(Marketwire - Dec. 10, 2009) - MM Asset Management Inc. ("MMAM") announced that one fund it manages and advises, MMCAP International Inc. SPC ("MMCAP"), acquired today 6,653,000 common shares ("Shares") of Freewest Resources Canada Inc. ("Freewest") and that MMCAP has acquired 14,457,000 Shares since a take-over bid for all of the outstanding Shares was filed by Noront Resources Ltd. with the securities regulatory authorities on October 13, 2009. The Shares were acquired through the facilities of the TSX Venture Exchange.
MMCAP now beneficially owns and MMAM exercises control and direction over 14,627,500 Shares, representing approximately 6.23% of the outstanding Shares.
MMCAP has acquired such Shares for investment purposes only. Depending on market conditions and other factors, MMCAP may from time to time acquire additional securities of Freewest or dispose of such securities in the open market, by private agreement or otherwise.
