Noront accepts 'superior' Wyloo offer, says BHP has five days to counter
(Kitco News) - Noront Resources (TSXV: NOT)today announced it has settled the terms of a proposal from Wyloo Metals underwhich Wyloo Metals would acquire up to 100% of the common shares of Noront forC$0.70 in cash.
According to the company'sstatement, the consideration of C$0.70 in cash per share under the Wyloo offerrepresents a 192% premium to Noront's unaffected closing price on May 21, 2021and a 27% premium to the BHP C$0.55 per share offer.
Therefore, the company saidthat its Board has unanimously determined that the Wyloo offer constitutes asuperior proposal as compared to the outstanding BHP offer.
However, the company pointedout that BHP has five business days from receiving notice of the superiorproposal to amend the terms of the existing support agreement such that theWyloo offer is no longer considered by the Noront Board of Directors to besuperior to the amended BHP offer.
Noront Resources is focusedon the development of its high-grade Eagle's Nest nickel, copper, platinum andpalladium deposit and the world class chromite deposits including Blackbird,Black Thor, and Big Daddy, all of which are located in the James Bay Lowlandsof Ontario in an emerging metals camp known as the Ring of Fire.
By Vladimir BasovFor Kitco News
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