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
Weather alerts issued for 7 provinces, 1 territory
Warnings of up to 60 millimetres of rain and other alerts have been issued for seven Canadian provinces and one territory ahead of the Easter weekend.
He didn't trust police but sought their help anyway. Two days later, he was dead
Jameek Lowery was among more than 330 Black people who died after police stopped them with tactics that aren’t supposed to be deadly, like physical restraint and use of stun guns, The Associated Press found.
Luxury cruise line selling world cruise suite for US$1.7 million
Luxury operator Regent Seven Seas Cruises is raising their price tag to eye-watering levels, with a suite on an upcoming 140-day world voyage costing US$1.7 million.
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
A Filipino villager is nailed to a cross for the 35th time on Good Friday to pray for world peace
A Filipino villager has been nailed to a wooden cross for the 35th time to reenact Jesus Christ’s suffering in a brutal Good Friday tradition he said he would devote to pray for peace in Ukraine, Gaza and the disputed South China Sea.
Fluid in eye cells can 'boil' if you watch the eclipse without protection: expert
Millions of people in parts of Eastern and Atlantic Canada will be able to see the rare solar eclipse happening on April 8. But they should only look up if they have proper eye protection, experts say.
'Oppenheimer' finally premieres in Japan to mixed reactions and high emotions
'Oppenheimer' finally premiered Friday in the nation where two cities were obliterated 79 years ago by the nuclear weapons invented by the American scientist who was the subject of the Oscar-winning film. Japanese filmgoers' reactions understandably were mixed and highly emotional.
Do these exercises for core strength if you can't stomach doing planks
Planks are one of the most effective exercises for strengthening your midsection, as they target all of your major core muscles: the transverse abdominis, rectus abdominis, external obliques and internal obliques. Yet despite the popularity of various 10-minute plank challenges, planking is actually one of the most dreaded core exercises, according to many fitness experts.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.