Correct.  If Wyloo eventually gets 89.9999% of total outstanding shares, then Wyloo can NOT force the holders of the remaining 10.0001% to tender their shares.

If Wyloo eventually gets 90% or greater, then according to Canadian securities laws, they can force the stock to be delisted, and the last <10% of shares will be tendered at $1.10 each.

Regardless of which of the two options happens, the shares will continue to be worth at least $1.10 apiece.  The only reason that they're trading at a slight discount now is because some people don't want to leave their money parked for three+ months.  They're willing to take a haircut of a couple cents per share to get their money faster.

Those of us who were here during the days of Freewest and Spider have been through this before.

If you're worried about holding onto your shares as being a risk, don't worry.  Your fellow retail shareholders don't hurt you.

Let's move ahead to a hypothetical future example:

July 1st, 2022.  Wyloo controls 88% of shares.  They cannot force the remaining shareholders to tender.  In board room discussions, they realize that the company is worth far more than many people realized, let's say an extremely discounted greenfield net value of $3 billion or, when divided out per share, $5.35 per share.  And they know that this number is only going to go up (rapidly) as de-risking occurs.

They know that they need to get an extra 2% of the shares, in order to cross the 90% threshold.  So at that point, they make a "very generous" offer of $2.20 per share to the holdouts, which represents a 100% premium above the previous offer price.  They get 3% more of the shares, which takes them over 90%, and allows them to force a tender of all remaining shares.  The 3% who tendered at $2.20 get $2.20 per share.  The ones who didn't want to tender are now forced to tender at $2.20, regardless of how much they don't want to.  And Wyloo laughs all the way to the bank, because they just took out the last 12% of the shares for $2.20 instead of the $5.35 that they are "worth" at the time.

I see no need to tender.  Not now, and not in three months.  If you really feel that the company is worth a lot more than $1.10 per share, put your money where your mouth is (figuratively) and be prepared to hold onto your shares.