Wyloo Metals Improves Offer For Noront

Wyloo Metals Pty Ltd has today provided the board of Noront Resources Ltd. with a letter outlining a further improved offer to acquire up to 100% of the shares in Noront that it does not already own for Cdn$1.10 per share (the “Revised Wyloo Offer”). This is 47% above the Cdn$0.75 per share offered under the take-over bid for Noront proposed by BHP Western Mining Resources International Pty Ltd (“BHP”).

The Revised Wyloo Offer is the only proposal to Noront shareholders that provides the following distinguishing features:

  • True optionality for Noront shareholders: Shareholders will be provided with an attractive option of (i) accepting cash consideration of Cdn$1.10 per share for some or all of their shares, and (ii) continuing to participate in Noront’s unrealized potential by remaining as a shareholder.
  • A superior offer price: The Revised Wyloo Offer represents a significantly superior price to that offered by BHP.
  • Greater deal certainty: Wyloo Metals does not intend to support any alternate offers for Noront. Without the support of Wyloo Metals’ 37.2% direct interest in Noront, a competing plan of arrangement cannot be successful, and a competing take-over bid will be unlikely to meet any minimum tender condition.
  • A world-class Board of Directors: Noront will be revitalized under the leadership of a new Board of Directors, led by Dr. Andrew Forrest AO.

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