Noront Responds to Unsolicited Proposal by Wyloo Metals
May 25 2021 - 9:22AM
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
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