TORONTO, May 25, 2021 (GLOBE NEWSWIRE) — The Board of Directors of Noront Resources Ltd. (“Noront” or the “Corporation”) (TSX Venture: NOT) notes the announcement today by Wyloo Metals Pty Ltd., (“Wyloo”) a subsidiary of Tattarang Pty Ltd. (“Tattarang”), that it intends to commence an unsolicited proposal to acquire all of the common shares of Noront (the “Proposal”).
The Corporation will review the terms of the Proposal and will communicate with its shareholders as appropriate.
Noront recommends that shareholders defer taking any action in respect of the Proposal. Shareholders are reminded that the announcement does not constitute an offer, and no offer may ever actually be made. As an unsolicited proposal by an insider of the Corporation, shareholders will be entitled to receive a valuation of the Corporation in order to consider the Proposal.
Further, if the Proposal is ever formally made to shareholders, shareholders will have a period of 105 days to consider their alternatives and respond to any such offer, and will be provided with advice to shareholders in relation to such offer.
Noront’s Board of Directors has formed a Special Committee including three independent directors.
The Corporation is considering alternatives to secure its immediate short-term funding requirements, including the loan terms proposed by Wyloo.
TD Securities Inc. is acting as financial advisor to the Corporation. Legal counsel to the Corporation is Bennett Jones LLP.
Noront is focused on 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. www.norontresources.com
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