Freewest Resources Canada Inc. says its white-knight suitor has increased its takeover offer again, to $1 per share in stock.
The all-stock offer from Cliffs Natural Resources values Montreal-based Freewest at $240-million, $29-million higher than the previous bid.
Freewest's chief assets are its chromite deposits in the James Bay region of northern Ontario, which Cliffs wants to develop into a new mining operation.
Cliffs was already a significant minority shareholder in Freewest when it entered the scene as a white knight investor on Nov. 23, is trying to fend off Noront Resources Ltd. , an Ontario-based junior mining company.
The previous bid from Cliffs, a much larger international iron and coal company, had been a firm 90 cents per share.
The Freewest board says Cliff's latest offer is clearly superior to Noront's.