Taken from The WYLOO proposal. Our Ececutive are really not working for the shareholders.

Next steps

Wyloo Metals has requested from the Noront Board a modest period of time in which to conduct confirmatory due diligence, which Wyloo Metals intends to complete in parallel with the finalization of transaction documentation. In its statement on August 20, 2021, Noront correctly asserted that Wyloo Metals was provided an opportunity to access due diligence information subject to the execution of a confidentiality agreement but declined to do so. However, what Noront did not disclose is that the confidentiality agreement proposed by Noront contained a standstill clause that would have prevented Wyloo Metals from making its initial and subsequent offers directly to shareholders. The standstill clause also would have adversely and inappropriately restricted Wyloo Metals’ rights as an existing shareholder, including by prohibiting it from proposing alternative nominations to Noront’s board of directors, which is unacceptable to Wyloo Metals.

Wyloo Metals notes that its ability to formalize this Acquisition Proposal is subject to the Noront Board’s timely and good faith negotiation of an Arrangement Agreement in line with its fiduciary duties. We look forward to working productively with the Noront Board towards a successful transaction for the benefit of Noront shareholders.