Wyloo Metals Pty Ltd has reached an agreement with Noront Resources Ltd. and formalised its offer to Noront shareholders as part of a comprehensive strategy to develop the Ring of Fire as a world-class future metals hub.
Wyloo Metals’ offer is distinguished by several factors, including offering shareholders true optionality alongside a cash offer. Pursuant to a statutory Plan of Arrangement under the Business Corporation Act (Ontario), each Noront shareholder will be given the option of (i) accepting cash consideration of CAN$0.70 per share for some or all of their shares, and (ii) continuing to participate in Noront’s unrealised potential by remaining as a shareholder.
Wyloo Metals’ strategy will also see Noront revitalised under the leadership of a Board of Directors led by Dr. Andrew Forrest AO, who has a notable track record in the development of remote mining projects and a proud and continuing legacy of partnering with Indigenous and local communities. For example, Forrest led Fortescue Metals Group from a junior mining exploration company to one of the world’s largest mining companies.
Luca Giacovazzi, Head of Wyloo Metals, comments:
“The Ring of Fire is a long-term mining district with a present-day value that is impossible to accurately quantify. Only the Wyloo Offer can provide Noront shareholders with comfort in the knowledge that they have received sufficient optionality and value for their ownership of Canada’s next great mineral hub.”
Read the article online at: https://www.globalminingreview.com/finance-business/20102021/wyloo-metals-and-noront-formalise-ring-of-fire-offer/