TORONTO — Wyloo Metals Pty Ltd. has raised its offer for the shares in Noront Resources Ltd. it does not already own, topping a takeover proposal by BHP.

The Australian company says Noront shareholders can choose to receive 70 cents per share in cash or if they want can remain a shareholder of the company under a new leadership team.

The offer is up from Wyloo's bid in May of 31.5 cents per share.

Noront is developing several projects in the Ring of Fire region in northern Ontario.

BHP Lonsdale Investments Pty Ltd., a wholly owned subsidiary of BHP, has offered 55 cents per share for Noront.

However, the BHP offer requires more than 50 per cent of Noront's shares to be tendered to its bid and Wyloo Metals, which owns a 37.5 per cent stake in Noront, has said it will not support BHP’s offer.

This report by The Canadian Press was first published Aug. 30, 2021.

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