The Revised Wyloo Offer is the only proposal to Noront shareholders that provides the following distinguishing features:
The transaction will be effected via a statutory Plan of Arrangement under the Business Corporation Act (Ontario).
Importantly, the Revised Wyloo Offer continues to provide those shareholders who believe in the long-term potential of Noront with the opportunity to participate in Noront’s continued growth by remaining as shareholders.
Update on discussions with BHP
Following an extensive period of discussion, Wyloo Metals and BHP have been unable to agree terms upon which Wyloo Metals would support a BHP offer for Noront. As outlined above, the Revised Wyloo Offer will deliver a superior outcome for Noront shareholders in terms of optionality, price and deal certainty.
Wyloo Metals is confident that, after considering the Revised Wyloo Offer, the Noront Board will agree that:
Wyloo Metals notes that its ability to formalize the Revised Wyloo Offer is subject to the Noront Board’s timely and good faith negotiation of an Arrangement Agreement in line with its fiduciary duties. Given Wyloo Metals and Noront recently agreed the form of such an Arrangement Agreement, Wyloo Metals believes that the Revised Wyloo Offer can be formalized on an expedited basis.