Wyloo Metals acquires cornerstone minority interest in Noront Resources from Resource Capital Funds

On December 7, 2020, Wyloo Metals announced an agreement to acquire 22.5% of the issued and outstanding shares of Noront Resources, warrants, a US$15 million convertible loan, and a 1.0% net smelter royalty interest in Noront’s Eagle’s Nest deposit from Resource Capital Funds. As a result of the transaction, Wyloo gained various investor rights, including pre-emptive rights and the right to nominate two members to Noront’s board of directors.

If Wyloo fully converts the loan and fully exercises the warrants it will hold a 37.4% interest in Noront. 

Wyloo Metals is the mining division of Tattarang, an Australian private investment group.

McCarthy Tétrault advised Wyloo with a team led by Gary Litwack that included Shea Small and Jake Irwin (Business), Jamie Orzech (Real Property), and Nigel Johnston (Tax).