Wyloo Metals acquires cornerstone minority interest in Noront Resources from Resource Capital Funds
December 07, 2020
29.00 Million USD
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).