PERTH, Australia, Sept. 22, 2021 (GLOBE NEWSWIRE) — Wyloo Metals Pty Ltd (“Wyloo Metals”) has today submitted a conversion notice to Noront Resources Ltd (TSXV:NOT) (“Noront”), notifying Noront to convert its US$15m convertible loan (“Convertible Loan”) into common shares of Noront. Conversion of the loan will increase Wyloo Metals’ ownership from 24.2% to approximately 37.3% of the outstanding common shares of Noront.
ABOUT WYLOO METALS
Wyloo Metals is the metals and mining subsidiary of Tattarang, one of Australia’s largest private investment groups. Led by a multidisciplinary team of geologists, engineers and financial professionals, Wyloo Metals manages a diverse portfolio of exploration and development projects and cornerstone interests in a number of public and private companies. Wyloo Metals seeks to work closely with all stakeholders to accelerate projects through the development cycle while meeting the highest international environmental, social and governance standards. See more at: www.wyloometals.com.
Wyloo Canada Holdings Pty Ltd (“Wyloo Canada”), a wholly owned subsidiary of Wyloo Metals, currently holds an aggregate of 111,815,458 common shares of Noront, representing approximately 24.2% of the outstanding common shares of Noront. Wyloo Metals will convert its US$15 million Convertible Loan into common shares of Noront on the maturity date of September 30, 2021. At an exchange rate of 0.779 US Dollars per Canadian Dollar1, Wyloo Canada would acquire an additional 96,269,996 common shares of Noront upon conversion of its Convertible Loan, following which it would hold 208,085,454 common shares of Noront, representing approximately 37.3% of the outstanding common shares of Noront on a partially diluted basis.
Wyloo Canada also holds warrants (“Noront Warrants”) to acquire 1,774,664 common shares of Noront at an exercise price of Cdn$0.35 per share. If the Noront Warrants are also fully exercised, Wyloo Canada would hold 209,860,118 common shares of Noront, representing approximately 37.5% of the outstanding common shares of Noront on a partially diluted basis.
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