$616.9-million Ring of Fire deal could be finalized on April 7
A major milestone has been reached on the path of potential mining development in the Ring of Fire. Noront Resources shareholders overwhelming approved the sale of the Toronto junior miner’s mineral assets in the Far North to Wyloo Metals of Australia.
Shareholders voted 98.92 per cent in favour of the $616.9-million deal during a special shareholders meeting on March 15. Noront shareholders have another 10 days to decide if they want to retain their shares or receive the $1.10 cash offer by Wyloo.
In today’s vote, more than 80 per cent of shareholders elected to receive the cash, meaning the company will go private. Privatization won’t be formalized until the end of the business day on March 25.
Questions on the future of Noront management remain undetermined. The Ontario court and the TSX must give their final approval as well. If this happens, the deal closes April 7.