NORONT RESOURCES LTD. Under its Acquisition Proposal, Wyloo Metals will provide each Noront shareholder with the option of either participating in Noront's growth potential by remaining as a holder under a new and proven leadership team, or accepting a superior price for some or all of their shares.
Overview of the Acquisition Proposal
The Acquisition Proposal will provide those shareholders who, like Wyloo Metals, believe in the long-term potential of Noront with the opportunity to participate in the Company's growth potential by remaining as holders of some or all of their shares.
Alternatively, Wyloo Metals is prepared to acquire Noront shares at a price of
The acquisition will be made by a Canadian affiliate of Wyloo Metals and structured as a Plan of Arrangement under the Ontario Business Corporations Act.
Commenting on the structure of the transaction, Luca Giacovazzi, Head of Wyloo Metals, said: 'In April this year, we were deeply concerned when the Noront Board proposed to farm out Noront's exploration projects to BHP for only
Since our initial proposal, we have listened to the feedback from shareholders who, like us, believe in the future of the Ring of Fire. We believe Noront shareholders deserve the chance to decide whether to join us in rebuilding the Company, and not be pressured into selling all of their shares unless they want to.'
Contact:
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