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Oct 20, 2021


Industry News

BHP counters Wyloo offer for Ring of Fire assets


Noront recommends shareholders accept improved BHP proposal

Mining heavyweight BHP has boosted its all-cash offer for Noront Resources shareholders to $0.75 per share in its bidding war with fellow Australian miner Wyloo Metals for control of the leading metals project in the Northern Ontario’s Ring of Fire region.

The BHP offer presents a 36 per cent bump-up to an earlier offer and a 7 per cent premium to Wyloo’s earlier offer from this week.

Noront’s board considers the BHP offer to be superior to that Wyloo’s $0.70 offer and recommends Noront shareholders tender their sharess to the BHP offer. The deadline to do so is Nov. 9 at 11:59 p.m. Toronto time.

Read the full story at Northern Ontario Business HERE.