Noront receives proposal draft documents from Wyloo

2021-12-14 12:22 ET - News Release

Mr. Greg Rieveley reports

NORONT ACKNOWLEDGES RECEIPT OF PROPOSAL AND DRAFT TRANSACTION DOCUMENTS FROM WYLOO METALS

Noront Resources Ltd. has received a non-binding letter dated Dec. 12, 2021, and related draft arrangement agreement and other ancillary transaction documents, from Wyloo Metals Pty. Ltd. and Wyloo Canada Holdings Pty. Ltd. in respect of the updated Wyloo proposal (as defined herein).

The transaction documents outline, among other things, the terms and conditions upon which Wyloo Metals would be prepared to acquire all of the common shares of Noront not already owned by Wyloo Metals for cash consideration of $1.10 per common share of the company. The updated Wyloo proposal is subject to, among other things, negotiating and executing definitive transaction documents with Wyloo Metals.

Noront and its advisers are reviewing the transaction documents, and the Noront board and the special committee remain focused on fulfilling their fiduciary duties and surfacing maximum value for the shareholders of Noront. The company intends to negotiate the transaction documents with Wyloo Metals directly and constructively, and will provide any further updates to the shareholders of Noront at the appropriate time.

Advisers

TD Securities Inc. is acting as financial adviser, Bennett Jones LLP is acting as legal counsel and Longview Communications & Public Affairs is acting as communications adviser to Noront.

About Noront Resources Ltd.

Noront Resources is focused on the development of its high-grade Eagle's Nest nickel, copper, platinum and palladium deposit, and the world-class chromite deposits, including Blackbird, Black Thor and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire.