Noront Welcomes New Partner Wyloo Metals
December 07 2020 - 8:05AM
Noront Resources Ltd. (“Noront”) (TSX Venture: NOT) is pleased to
welcome its new cornerstone security holder Wyloo Metals Pty Ltd.
(“Wyloo Metals”) which has entered into an agreement to acquire the
beneficial equity and debt interests previously held by Resource
Capital Fund V L.P.
Wyloo Metals is the mining division of Tattarang, one of
Australia’s largest private investment groups. A long-term and
collaborative investor supporting the discovery and development of
the next generation of mines, Wyloo Metals is led by a
multidisciplinary team of geologists, engineers and financial
professionals. The company works closely with all stakeholders to
accelerate projects through the development cycle while meeting the
highest international environmental, social and governance
standards.
“We are delighted that Wyloo Metals has chosen to acquire a
cornerstone interest in Noront,” said Noront President and CEO Alan
Coutts. “It’s exciting to partner with a company whose values
parallel our own company principles. Wyloo makes long-term
strategic investments in companies that mine responsibly, and
that’s a philosophy that aligns very well with the approach Noront
is taking as we develop the Ring of Fire in an environmentally
responsible manner in collaboration with our First Nation
partners.”
Head of Wyloo Metals, Luca Giacovazzi, said the partnership with
Noront presents a unique opportunity to join forces with a proven
management team in the development of the Eagle’s Nest deposit and
the continued exploration of the world-class Ring of Fire region.
“This investment reflects a long-term and collaborative strategy to
support the discovery and development of the next generation of
mines required to meet the growing demand of critical materials
needed to power the decarbonisation of the global economy,” Mr.
Giacovazzi said.
Financial Details Pursuant to a purchase
agreement between Wyloo Metals and Resource Capital Fund V and
Resource Capital Annex Fund V (collectively, “RCF”), the parties
have entered into an agreement to purchase all of RCF’s interests
in Noront; this includes its equity interest, representing
approximately 22.5% of Noront’s issued and outstanding common
shares, a US$15 million convertible debenture and its 1.0% NSR on
Noront’s Eagle’s Nest deposit.
As a result of this third-party transaction, Wyloo Metals will
become a control person of Noront and will have the right to
nominate two members to Noront’s Board of Directors, one of which
must be independent of Wyloo Metals.
About Wyloo MetalsWyloo 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. See more at: www.wyloometals.com
About Noront Noront is focused on 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. www.norontresources.com
For more information
please contact:Janice Mandel
janice.mandel@stringcom.com (647) 300-3853
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