FP/wire say bidding war for Noront not letting up

2021-09-23 09:26 ET - In the News

The Financial Post reports in its Thursday, Sept. 23, edition that a bidding war for a small Canadian nickel miner is showing no signs of cooling as its largest shareholder, Australian mining magnate Andrew Forrest, took a formal step to increase ownership. A Bloomberg dispatch to the Post reports that Mr. Forrest's Wyloo Metals Pty Ltd. said it notified Noront Resources to swap its $15-million (U.S.) convertible loan for common shares of Noront. That will increase Wyloo's equity ownership to about 37.3 per cent from 24.2 per cent, according to a statement Wednesday. Wyloo has offered to buy Noront for 70 Canadian cents per share, beating the 55 Canadian cents offer made by BHP Group in July that Noront's board agreed to support. Bloomberg says mining heavyweight are racing to control more raw materials key to the transition to low-carbon energy sources. Noront is developing one of Canada's largest potential mineral reserves in northern Ontario.