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Noront Resources looks to get out the vote

Shareholders will have their say on Wyloo takeover next month
Noront Esker camp sign 4
(Noront Resources photo)

Shareholders of Noront Resources get their opportunity next month to vote on the takeover of their Ring of Fire exploration company by Wyloo Metals of Australia.

The special meeting is scheduled for March 15 at 10 a.m. Toronto time.

In a Feb. 16 news release, Noront said it began mailing out an information circular late last month on the upcoming meeting.

They'll be asked to approve the sale of Noront, a Toronto-based exploration company with the most prized mineral assets in the James Bay region, located some 500 kilometres by air northeast of Thunder Bay.

If approved, Wyloo, already Noront's leading shareholder at 37 per cent, would acquire all of the shares it does not own.

Noront's board is recommending approval of the transaction.

Just before last Christmas, Wyloo came out on top after a six-month bidding war when rival BHP elected not to match Wyloo's $1.10 per common share - $616.9 million - proposal to acquire the Toronto junior mining company and its rich nickel, copper, platinum group metals and chromite projects in Ontario's Far North.

Noront said the TSX Venture Exchange has granted conditional acceptance of the acquisition.

If Noront shareholders check off on the deal, the matter would need final approval of the Ontario Superior Court of Justice to complete the transaction.

The targeted asset of Noront's has been the Eagle's Nest high-grade nickel, copper, platinum and palladium deposit. It's a future mine in waiting but an isolated one in the James Bay region with no overland access.

Two supportive First Nations in the area are steering the provincial environmental assessments for a proposed north-south access road that would connect the communities and the rich mineral belt with the start of the provincial highway network and a possible railhead at Nakina in northwestern Ontario.

Wyloo Metals is one of Australia's largest private investment groups, owned by billionaire and mining magnate Andrew Forrest.