https://www.northernontariobusiness.com/
Australian mine developer tables ‘superior’ proposal, BHP given five days to match
Wyloo Metals has tabled a “superior” offer over BHP’s in the bidding war to acquire Ring of Fire junior miner Noront Resources.
Wyloo, a Western Australian-based mine developer, announced it has reached an agreement with the Toronto company to acquire its nickel, copper, platinum group metals and chromite assets in the James Bay region.
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.
Western groups compete for assets to secure supplies of key battery metal
In remote northern Ontario, hundreds of kilometres from the nearest railway or paved road, the world’s largest mining group and an Australian metals tycoon are in a bidding war for a deposit containing millions of tonnes of nickel.
The battle between BHP and Andrew Forrest’s Wyloo Metals for the asset’s owner Noront Resources comes as miners race to meet surging demand for battery metals as electric vehicles go mainstream.
https://www.northernontariobusiness.com/
Chromite production plans, smelter plan in limbo until new ownership takes control of Noront’s Ring of Fire metal assets
Ask Alan Coutts what’s to become of a proposed ferrochrome processing plant for Sault Ste. Marie and the president of Noront Resources gives a straightaway answer.
“That will ultimately be a question that will be answered by the new owners.” Noront selected Sault Ste. Marie in 2019 is its preferred location for a high-tech smelting operation, settling on a brownfield site at Algoma Steel.
https://www.northernontariobusiness.com/
Australian miner formalizes proposal at 70 cents per share
Wyloo Metals has made a formal bid to acquire Noront Resources and the company’s interests in the Ring of Fire. The Australian miner said it submitted its official proposal to Noront on Sept. 3.
According to the bid, Wyloo is offering 70 cents per share of Noront, a deal it calls “superior” to that of its rival bidder, BHP, which is offering 55 cents per share.
TORONTO, Sept. 07, 2021 (GLOBE NEWSWIRE) — The Board of Directors of Noront Resources Ltd. (“Noront” or the “Company”) (TSXV: NOT) acknowledges receipt of a form of Arrangement Agreement from Wyloo Metals (“Wyloo”) on the evening of Friday September 3, 2021 (the “Arrangement Agreement”), which provides the terms and conditions of the potential transaction proposed by Wyloo to acquire all of the outstanding common shares of Noront for C$0.70 per share.
Noront and its advisors are reviewing the Arrangement Agreement and the Noront Board and Special Committee remain focused on fulfilling their fiduciary duties and on surfacing maximum value for the Noront shareholders.
PERTH, Australia, Sept. 06, 2021 (GLOBE NEWSWIRE) — Wyloo Metals Pty Ltd (“Wyloo Metals”) confirms it submitted an Arrangement Agreement to the Board of Noront Resources Ltd (TSXV:NOT) (“Noront”) for consideration on September 3, 2021. In submitting the agreement, Wyloo Metals calls upon the Noront Board to act in the best interest of shareholders and progress the formalization of Wyloo Metals’ superior proposal in line with its fiduciary obligations.
Wyloo Metals restricted on due diligence
Wyloo Metals received a revised confidentiality agreement from the Noront Board on August 31, 2021. Wyloo Metals was surprised to learn that the removal of the standstill provision required the consent of BHP Western Mining Resources International Pty Ltd. (“BHP”).
https://www.northernontariobusiness.com/
Eagle’s Nest nickel, copper project is the prize in looming bidding war between two Australian mining heavyweights
Alan Coutts is ignoring the posturing from Wyloo Metals. The president-CEO of Noront Resources said he’s more keenly interested in receiving legitimate bids to secure the best deal for shareholders.
“It’s one thing to put out a press release, it’s another to table a formal binding offer.”
TORONTO, Aug. 31, 2021 (GLOBE NEWSWIRE) — Noront Resources Ltd. (“Noront” or the “Company”) (TSXV: NOT) acknowledges receipt on August 30, 2021 of a non-binding letter from Wyloo Metals (“Wyloo”). The letter describes Wyloo’s interest in potentially acquiring all of the common shares of Noront that Wyloo does not currently own, subject to a number of conditions, including due diligence, and negotiating and executing a definitive arrangement agreement.
Responding to the Wyloo Proposal
Noront is party to a July 27, 2021 support agreement with BHP Western Mining Resources International Pty Ltd (“BHP”) and its parent, BHP Lonsdale Investments Pty Ltd (the “Support Agreement”), under which Noront agreed to support an offer by BHP to acquire all of the outstanding common shares of Noront that BHP does not already own (the “BHP Offer”). As is customary, the Support Agreement defines the circumstances in which Noront is permitted to engage with, and provide confidential information to, another party that makes a proposal to acquire the common shares of Noront.
https://www.brisbanetimes.com.au/
BHP versus Andrew Forrest was once a David and Goliath fight confined to the Pilbara. Today the battle between the two titans of iron ore, has moved to the far reaches of Northern Canada and the quarry they both seek is a nickel company no one has ever heard of.
So small and financially embattled is Noront Resources, that nine months ago it was worth just around $70 million dollars – little more than the petty cash held in the head offices of BHP and Forrest’s Fortescue.
Thanks to the bidding war between Forrest and BHP, Noront is now capitalised at $380 million and counting. Forrest lifted his offer this week to C70 cents per share – trumping BHP’s C55 cents.
https://www.theglobeandmail.com/
Wyloo Metals Pty Ltd. has bumped up its offer for Noront Resources Ltd., trumping BHP Group Ltd.’s bid, and in a highly unusual move is proposing to keep the struggling Ring of Fire exploration company as a publicly traded entity.
Since May, Toronto-based Noront has been the subject of a takeover tussle between Australian private equity firm Wyloo and BHP, the world’s biggest mining company, which is also based in Australia.
Both are extremely well funded. BHP’s market valuation is US$165-billion. Wyloo is backed by Andrew Forrest, founder and chair of Fortescue Metals Group, and one of the richest individuals in Australia.
Mining billionaire Andrew Forrest has hit back at BHP in their battle for a Canadian nickel explorer with big dreams and big challenges.
He might have a $27.5 billion fortune and a $2.35 billion dividend cheque coming from Fortescue Metals Group, but Andrew Forrest still has plenty of the underdog mentality that’s marked his career.
So having watched BHP waltz in and try to pinch Canadian nickel junior Noront Resources out from under him, Forrest was never going to take things lying down.
On Monday night, he launched a fresh bid for the Canadian business, beating BHP’s offer of C55¢ a share with a C70¢ pitch – and throwing in a history lesson to boot.
https://www.northernontariobusiness.com/
Australian miner boosts offer to Noront shareholders as take-over battle with BHP continues
The Ring of Fire is now a hands-on project for Australian mining magnate Andrew Forrest. Wyloo Metals, a subsidiary company of Forrest’s Tattrarang private investment outfit, is promising new leadership to bring the promise of the James Bay mineral belt to reality as part of its takeover bid of Noront Resources.
In its latest pitch to Noront investors, Perth-headquartered Wyloo wants to clean house at Noront and appoint Forrest as chair of a new board of directors.
While in the early stages of a bidding war with rival BHP, Wyloo issued a new acquisition offer to Noront shareholders on Aug. 30 to acquire the Toronto junior miner’s assets in the remote mineral belt 500 kilometres north of Thunder Bay.
PERTH, Australia, Aug. 30, 2021 (GLOBE NEWSWIRE) —
Wyloo Metals Pty Ltd (“Wyloo Metals”) has today submitted a proposal (the “Acquisition Proposal”) to the Board of Noront Resources Ltd. (TSXV:NOT) (“Noront” or the “Company”) as part of a comprehensive strategy to rebuild the Company and unlock the future of the Ring of Fire. Under its Acquisition Proposal, Wyloo Metals will provide each Noront shareholder with the option of either participating in Noront’s growth potential by remaining as a holder under a new and proven leadership team, or accepting a superior price for some or all of their shares.
Wyloo Metals, the top shareholder of Noront Resources (TSXV: NOT), said on Thursday that it does not intend to support or tender the offer made by BHP to acquire Noront, and is considering making a “superior” offer to acquire the remaining stake in the Canadian nickel miner.
Noront is owner of the early-stage Eagle’s Nest nickel-copper deposit in northern Ontario’s Ring of Fire district. It has been billed by Wyloo as the largest high-grade nickel discovery in Canada since the Voisey’s Bay nickel find in Newfoundland and Labrador, with an initial mine life of 11 years.
In late July, BHP announced its offer to buy the Noront at a price of C$0.55 per share for a total value of C$325 million, which represented a premium of 129% based on the stock’s closing price on the day before Wyloo’s proposal two months earlier.
