Noront Resources to be delisted from TSX-V

2022-04-11 19:14 ET - Shares Delisted from TSX-V

Effective at the close of business on Tuesday, April 12, 2022, the common shares of Noront Resources Ltd. will be delisted from the TSX Venture Exchange. The delisting of Noront shares results from the completion of a court-approved plan of arrangement under the Business Corporations Act (Ontario), pursuant to an arrangement agreement dated Dec. 20, 2021, among the company and Wyloo Metals Pty. Ltd. and Wyloo Canada Holdings Pty. Ltd., whereby the buyers bought all issued and outstanding securities of the company.

The arrangement was approved by Noront's shareholders on March 15, 2022, and approved by the Supreme Court of Ontario on April 1, 2022. Under the terms of the agreement, each former shareholder of the company, other than the buyers, is entitled to receive a cash consideration of $1.10 per common share and all outstanding options immediately prior to the effective time of the arrangement have been assigned to the company and cancelled, without any further action of the holders thereof, in exchange for a cash payment equal to the in-the-money value of the options, less applicable withholdings.

For further details, please refer to Noront's management information circular dated Feb. 11, 2022, and news releases dated Dec. 22, 2022, Feb. 3, 2022, March 15, 2022, March 28, 2022, and April 7, 2022.