Noront says its board of directors has formed a special committee, including three independent directors to review the proposal.
Wyloo currently holds approximately 23% of the outstanding common shares of Noront.
Noront has ownership or a controlling interest of all the major discoveries in the Ring of Fire, an emerging multi-metals area located in the James Bay Lowlands of Northern Ontario.
The company’s first project is a 100%-owned, high-grade, nickel, copper and platinum group element (PGE) deposit called Eagle’s Nest.
It is the largest high-grade nickel discovery in Canada since Voisey’s Bay.
Midday Tuesday, Noront’s stock was up 31% on the TSXV. The company has a C$132 million market capitalization.