NEWS RELEASE: BHP makes recommended all-cash offer of C$0.55 per share for Noront (July 27, 2021)

Noront Board recommends shareholders accept the offer

  • Consideration of C$0.55 per share represents a 129% premium to Noront’s unaffected closing price on May 21, 2021 and a 69% premium to Noront’s closing price on July 26, 2021, the last trading day prior to announcing this transaction.
  • The members of the Noront Board who voted on the matter unanimously recommend shareholders accept the offer.
  • Noront directors and senior management and a major shareholder holding an aggregate of 9.9% of the Noront shares on a fully diluted basis1 have agreed to tender all of their Noront shares to the offer.
  • Noront represents a growth opportunity in a prospective nickel basin capable of delivering a scalable, new nickel-sulphide district and provides the BHP group with more growth options in future facing commodities.
  • With proven expertise and capabilities in both exploration and bringing complex base metals projects into production, the BHP group is well positioned to advance Noront’s Ring of Fire projects through the next stages of development.
  • To tender your shares contact your broker or Kingsdale Advisors. Contact information is included below.

TORONTO and MELBOURNE, Australia, July 27, 2021 (GLOBE NEWSWIRE) — BHP Lonsdale Investments Pty Ltd (“BHP Lonsdale”), a wholly owned subsidiary of BHP, and Noront Resources Ltd. (TSXV: NOT) (“Noront” or the “Company”) today announced that they have entered into a definitive Support Agreement pursuant to which BHP Western Mining Resources International Pty Ltd (the “Offeror”), a wholly-owned subsidiary of BHP Lonsdale, will make a take-over bid to acquire all of the issued and outstanding common shares of Noront for C$0.55 per share in cash (the “Offer”).
BHP Lonsdale owns 3.7% of the Noront shares on a fully diluted basis. The total equity value of the transaction is C$325 million (based on 100% of the fully diluted shares outstanding). The members of the Board of Directors of Noront who voted on the matter unanimously recommend that Noront shareholders tender their shares to accept the Offer.

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