TORONTO — Noront Resources has reached agreement with Australia-based Wyloo Metals for acquisition of Noront's interests in the Ring of Fire.
Wyloo's offer of 70 cents per share represents a 192 per cent premium to Noront's closing price on May 21, 2021, and a 27 per cent premium to a competing offer from rival BHP of 55 cents per share.
Noront said its board of directors unanimously agreed that Wyloo's offer is a superior proposal, supported by advice form external financial and legal advisors.
It said BHP has the right to amend its own offer within five days.
Wyloo currently holds about 37 per cent of Noront's common shares.
Noront's Eagles Nest property contains a high-grade nickel-copper-platinum-palladium deposit in the Ring of Fire region, 500 kilometres north of Thunder Bay.
