Forrest’s Wyloo Metals plans takeover offer for Noront Resources, stock surges
Mining billionaire Andrew Forrest’s Wyloo Metals announced on Tuesday that it intended to make an offer for Noront Resources.
The offer would value the Canadian nickel project developer at C$133 million.
Noront says its board of directors has formed a special committee, including three independent directors to review the proposal.
Wyloo currently holds approximately 23% of the outstanding common shares of Noront.
Noront has ownership or a controlling interest of all the major discoveries in the Ring of Fire, an emerging multi-metals area located in the James Bay Lowlands of Northern Ontario.
The company’s first project is a 100%-owned, high-grade, nickel, copper and platinum group element (PGE) deposit called Eagle’s Nest.
It is the largest high-grade nickel discovery in Canada since Voisey’s Bay.
Midday Tuesday, Noront’s stock was up 31% on the TSXV. The company has a C$132 million market capitalization.
Comments
Manfred Link
A good long term prospect identified some years ago. Cliffs sold their chrome deposits, valued in the billions, to Noront when their newly appointed CEO ( 2013/14) decided that this investment by Cliffs Natural resources was a waste of time.
Good luck to Andrew Forest. He, no doubt in my mind will benefit from his long term view on this highly valued mineral resource.
for t