Skip to main content

Noront Responds to Unsolicited Proposal by Wyloo Metals

Written by Customer Service on . Posted in Public Companies.

TORONTO, May 25, 2021 (GLOBE NEWSWIRE) — The Board of Directors of Noront Resources Ltd. (“Noront” or the “Corporation”) (TSX Venture: NOT) notes the announcement today by Wyloo Metals Pty Ltd., (“Wyloo”) a subsidiary of Tattarang Pty Ltd. (“Tattarang”), that it intends to commence an unsolicited proposal to acquire all of the common shares of Noront (the “Proposal”).  

The Corporation will review the terms of the Proposal and will communicate with its shareholders as appropriate.

Noront recommends that shareholders defer taking any action in respect of the Proposal. Shareholders are reminded that the announcement does not constitute an offer, and no offer may ever actually be made. As an unsolicited proposal by an insider of the Corporation, shareholders will be entitled to receive a valuation of the Corporation in order to consider the Proposal. Further, if the Proposal is ever formally made to shareholders, shareholders will have a period of 105 days to consider their alternatives and respond to any such offer, and will be provided with advice to shareholders in relation to such offer.

Noront’s Board of Directors has formed a Special Committee including three independent directors.

The Corporation is considering alternatives to secure its immediate short-term funding requirements, including the loan terms proposed by Wyloo.

TD Securities Inc. is acting as financial advisor to the Corporation. Legal counsel to the Corporation is Bennett Jones LLP.

About Noront
Noront is focused on development of its high-grade Eagle’s Nest nickel, copper, platinum and palladium deposit and the world class chromite deposits including Blackbird, Black Thor, and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire. www.norontresources.com

For more information please contact:
Janice Mandel
janice.mandel@stringcom.com
(647) 300-3853

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.