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Noront Board Determines Wyloo Metals' Proposal As Superior Proposal To BHP Offer

Noront Resources Ltd. (NOT.V) has settled the terms of a proposal from Wyloo Metals Pty Ltd. and Wyloo Canada Holdings Pty Ltd under which Wyloo Metals would acquire up to 100% of the common shares of Noront for C$0.70 in cash. The Noront Board has determined that the Wyloo offer constitutes a superior proposal as compared to the outstanding BHP offer.

BHP has five business days to negotiate with the company to amend the terms of the existing support agreement, Noront noted.

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