Wyloo Proposes Offer - August 30,21 Wyloo Proposes Offer To Participate In Noront’s Future Under New Leadership, While Offering Attractive Cash Alternative | Wyloo Metals
August 30,21
https://www.wyloometals.com/news/2021/wyloo-proposes-offer-to-participate-in-noronts-future-under-new-leadership-while-offering-attractive-cash-alternative/
Commenting on the structure of the transaction, Luca Giacovazzi, Head of Wyloo Metals, said:
“In April this year, we were deeply concerned when the Noront Board proposed to farm out Noront’s exploration projects to BHP for only Cdn$25 million. Rather than consenting to such a transaction, we decided to make an offer to acquire the Company. Our fears were justified when the Noront Board completed a deeply discounted 5% placement to BHP, giving away a strategic toehold in the Company to an obvious suitor.
Since our initial proposal, we have listened to the feedback from shareholders who, like us, believe in the future of the Ring of Fire. We believe Noront shareholders deserve the chance to decide whether to join us in rebuilding the Company, and not be pressured into selling all of their shares unless they want to.”