Noront agrees to sell to Wyloo Metals, says offer is superior to BHP
Noront Resources Ltd. announced Monday it has agreed to terms with Australia's Wyloo Metals to acquire up to 100 per cent Noront shares for C$0.70 in cash.
In a statement, Noront said the offer is superior to BHP's offer of C$0.55 per share and represents better value for shareholders.
If the deal goes through, current shareholders can sell their stock at 70 cents each, or hold on to them and continue as common shareholders.
Noront CEO Alan Coutts said the company's board of directors has determined Wyloo's offer is superior.
“Based on an evaluation by the special committee and its advisors, the Noront board of directors has determined that Wyloo Metals’ proposal represents superior value for our shareholders, compared to the offer by BHP," Coutts said in the release.
However, BHP has the right to match the offer within five days. If the company decides not to match, Wyloo Metals will loan Noront $23 million to finance, among other things, $13 million payable to BHP for terminating its bid to take over the company.
Currently, Wyloo currently owns about 37.25 per cent of Noront common shares.
Noront is focused on the 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.
Noront has announced plans to build a chromite smelter in Sault Ste. Marie.
CTVNews.ca Top Stories
Breast cancer screening should start at age 40, Canadian Cancer Society says
The Canadian Cancer Society says all provinces and territories should lower the starting age for breast cancer screening to 40.
DEVELOPING Live updates as Stormy Daniels testifies at Trump hush money trial
Adult film star Stormy Daniels is on the stand a second time Thursday as former U.S. president Donald Trump’s hush money case continues in Manhattan. Follow live updates here.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Ontario man frustrated after $3,500 paving job leaves driveway in shambles
An Ontario man considering having his driveway paved received a quote from a company for $7,000, but then, another paver in the neighbourhood knocked on his door and offered half that rate.
Why these immigrants to Canada say they're thinking about leaving, or have already moved on
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
BREAKING Sheldon Keefe out as head coach of Toronto Maple Leafs
The Toronto Maple Leafs have fired head coach Sheldon Keefe. The team made the announcement Thursday after the Original Six franchise lost to the Boston Bruins in seven games in the first round of the Stanley Cup playoffs.
Boeing 737 catches fire and skids off the runway at a Senegal airport, injuring 10 people
A Boeing 737-300 plane carrying 85 people skidded off a runway at the airport in Dakar, Senegal's capital, injuring 10 people, according to the transport minister, an airline safety group and footage from a passenger that showed the aircraft on fire.
Canadian-Israeli man shot dead in Egypt; claim links killing to Gaza
A Canadian man 'of Jewish Israeli descent' has been shot dead in the Egyptian city of Alexandria in a suspected criminal case, a security source said, while a previously unknown militant group said it carried out the attack in reaction to the war in Gaza.