More specifically, Noront, Wyloo Metals and Wyloo Canada Holdings Pty Ltd have
entered into an amending agreement effective February 3, 2022 (the "Amending Agreement") to amend the Arrangement as follows:
- Election Only Required For Any Shareholders Wishing to Retain Shares: Only shareholders of the Company ("Shareholders") who wish to retain all or a portion of their common shares of the Company ("Common Shares"), and remain as Shareholders following the completion of the Arrangement, are required to make an election to retain their Common Shares (the "Retention Election"). Such Retention Elections are due no later than the 10th day following the Interim Announcement (as defined below).
- Deemed Election to Receive Cash Consideration: Any Shareholders who wish to receive the cash consideration of $1.10 per Common Share will not be required to make any election in respect of the Arrangement. For the avoidance of doubt, any Shareholders who do not make a Retention Election will be deemed under the Arrangement to have elected to receive the cash consideration of $1.10 per Common Share.
- Automatic Squeeze-Out if Less Than 20% of Shareholders Make a Retention Election: If the Arrangement becomes effective and less than 20% (as opposed to the initial threshold of 10%) of the outstanding Common Shares are subject to Retention Elections, then, under the Arrangement, Wyloo Metals will acquire all of the outstanding Common Shares that it does not already own, directly or indirectly, and any Shareholders who made a Retention Election will not be entitled to retain their Common Shares and will instead be entitled to receive the cash consideration of $1.10 per Common Shares.
- Automatic 10-Day Extension Following Interim Deadline: In order to provide Shareholders with greater transparency on the status of the Retention Elections, Noront will announce (the "Interim Announcement") the number of Retention Elections received, on an interim basis, as of 5:00 p.m. (Toronto time) on the business day prior to the date of the special meeting of Shareholders scheduled for March 15, 2022 (the "Meeting"). The Interim Announcement will form part of Noront's announcement of the voting results of the Meeting. Following such Interim Announcement, Shareholders will be provided with an additional 10-day period to make additional Retention Elections or withdraw any previously-delivered Retention Elections.
The above summary is qualified entirely by the full text of the Amending Agreement, a copy of which is available on SEDAR (www.sedar.com) under Noront's issuer profile. Additional information regarding the terms of the Arrangement, including the background to the Arrangement, the rationale for the unanimous recommendations of Noront's Board and Special Committee, and how Shareholders can participate in and vote at the Meeting, will be included in the management information circular of Noront for the Meeting (the "Circular"). The Circular is also expected to be filed on or around February 16, 2022 on SEDAR (www.sedar.com) under Noront's issuer profile. Shareholders are urged to read these and other relevant materials when they become available.
Noront's Board of Directors, on the basis of the unanimous recommendation of Noront's Special Committee comprised of independent directors, and after receiving advice from its financial and legal advisors, unanimously approved the Arrangement and recommend that Shareholders of Noront vote in favour of the Arrangement.
About Noront Resources
Noront Resources Ltd. is focused on the development of its high-grade Eagle's Nest nickel, copper, platinum and palladium deposit and the world class chromite deposits including Blackbird, Black Thor, and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire. See more at: www.norontresources.com.
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. Wyloo Metals seeks to work closely with all stakeholders to accelerate projects through the development cycle while meeting the highest international environmental, social and governance standards. See more at: www.wyloometals.com.
Wyloo Canada Holdings Pty Ltd ("Wyloo Canada"), a wholly owned subsidiary of Wyloo Metals, currently holds an aggregate of 208,434,427 Common Shares, representing approximately 37.2% of the outstanding Common Shares. Wyloo Canada also holds warrants ("Noront Warrants") to acquire 1,774,664 Common Shares at an exercise price of C$0.35 per Common Share. If the Noront Warrants are also fully exercised, Wyloo Canada would hold 210,209,091 Common Shares, representing approximately 37.4% of the outstanding Common Shares on a partially-diluted basis.
For More Information About Noront Resources, Please Contact:
| Media Relations Ian Hamilton Tel: +1 (905) 399-6591 ihamilton@longviewcomms.ca | Investor Relations Greg Rieveley Tel: +1 (416) 367-1444 greg.rieveley@norontresources.com |
| Janice Mandel Tel: +1 (647) 300-3853 janice.mandel@stringcom.com |
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