Wyloo Metals is pleased to announce it will enter into a binding agreement with the Board of Noront Resources Ltd. (TSXV:NOT) (“Noront”) as part of its long-term strategy to responsibly develop the Ring of Fire in Northern Ontario.
The announcement is a significant milestone and paves the way for Wyloo Metals to revitalise Noront under the leadership of a new and proven Board of Directors, led by Dr Andrew Forrest AO.
Tattarang Chair Dr Andrew Forrest AO paid tribute to the Wyloo Metals team for recognising the significance of the Ring of Fire and the vital role its deposits will play in securing Canada’s critical metal supply chain.
“Our approach is always to build strong and sustainable businesses that create economic opportunities and enable communities to thrive,” Dr Forrest said.
“We are under no misconceptions that this will be an overnight success. The journey to realise the full potential of the Ring of Fire will require patience, determination and working hand-in-hand with First Nations, federal and provincial governments, and regional stakeholders.
“But this is the journey that the Wyloo Metals team and I commit ourselves to with Noront. Together we will build Canada’s next great mineral district.”
Wyloo Metals first invested in Noront in December 2020, securing a 37% cornerstone position in the company as part of its strategy to support the discovery and development of new mines to supply the critical materials needed to power the decarbonisation of the global economy.
Head of Wyloo Metals Luca Giacovazzi said the subsequent international interest in Noront underscores not only the global scarcity of high-grade nickel sulphide deposits such as Eagle’s Nest, but is an endorsement of the globally significant scale of The Ring of Fire district.
Wyloo Metals and Noront will provide Noront shareholders with additional information in advance of a Special Meeting of Shareholders early in 2022 to vote on the plan of arrangement.
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 208,434,427 common shares of Noront, representing approximately 37.2% of the outstanding common shares of Noront. 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 210,209,091 common shares of Noront, representing approximately 37.4% of the outstanding common shares of Noront on a partially diluted basis.
Some of the statements in this press release may be forward looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Wyloo Metals does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Wyloo Metals and its affiliate companies be liable to anyone for any decision made or action taken in connection with the information and/or statements in this press release or for any related damages.
This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed under Noront’s profile on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters. A copy of such report may be obtained by contacting Wyloo Metals at email@example.com. The address of Wyloo Metals is PO Box 3155, Broadway Nedlands, WA 6009 Western Australia.
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