Nothing new here....we are used to waiting.

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https://www.saultstar.com/news/local-news/noront-waits-for-formal-offer

Noront waits for formal offer

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Noront Resources is still waiting for a formal offer from Wyloo Metals to take over the company.

The Ring of Fire in the James Bay Lowlands that’s held by Noront holds deposits of nickel, copper and palladium. Noront plans to build a ferrochrome smelter in Sault Ste. Marie.

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Wyloo Metals made an unsolicited bid of $133 million for Noront in late May. The Australian company bought a 23 per cent stake in Noront last December. Wyloo now wants to acquire all of Noront’s outstanding shares.

“I think you can look at this as further validation of what we’ve been saying for a long time,” said president and CEo Alan Coutts in a video posted as part of Noront’s annual general meeting on June 9. “The Ring of Fire and our Eagle’s Nest project, in particular, are extremely unique assets on the global scale. They are the kind of assets that will be critical to supporting the decarbonization of our economy as demand for battery metals and related raw materials continue to grow.”

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Wyloo can do that after getting an independent evaluation of Noront. An independent committee of the board “with the input of our own expert advisers” will review the proposal, said Coutts.

“Our task will be assess if the offer is in the best interests of the company and all Noront shareholders and it represents full and fair value for our assets,” he said.

A recommendation would be made to Noront’s shareholders to accept or decline Wyloo’s offer.

It’ll be several months before shareholders decide what to do. Completing the valuation will take several weeks. Shareholders will then have 105 days to consider Wyloo’s proposition.

Noront backers, including First Nations, have “stuck with us for the long haul,” said Coutts.

“We know that you share our vision for mining in the Ring of Fire and I want to assure you that we are entirely focused on getting the best outcome for you,” he said.

Wyloo Metals is committing to developing Eagle’s Nest as a zero emissions mine, spending $25 million to do feasibility studies to determine the possibility of battery metal production in Ontario, targeting $100 million for contracts to Indigenous businesses and offering jobs to Northern Ontario and First Nation residents.

Noront (TSX: NOT-X)  closed at 35 cents on Friday. The company’s shares have ranged from 14 cents to 38 cents during the past 52 weeks.