Noront Provides Update on Retention Elections; Announces Automatic Squeeze-Out Under the Arrangement With Wyloo Metals
Retrieved on:
Monday, March 28, 2022
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In the absence of the Automatic Squeeze-Out, the public shareholders of Noront (other than the Wyloo Parties) would not have held a sufficient percentage of the outstanding Common Shares for Noront to meet the continued listing requirements of the TSX Venture Exchange.
Key Points:
- In the absence of the Automatic Squeeze-Out, the public shareholders of Noront (other than the Wyloo Parties) would not have held a sufficient percentage of the outstanding Common Shares for Noront to meet the continued listing requirements of the TSX Venture Exchange.
- As a result, all shareholders of Noront (other than the Wyloo Parties) will be entitled to receive the cash consideration of $1.10 per Common Share (the "Cash Consideration"), including in respect of any Retained Shares.
- Any Common Shares held in the CDSX system will automatically be deposited under the Arrangement and the beneficial shareholders thereof will receive the Cash Consideration in respect of such Common Shares.
- The hearing for the final order of the Court to approve the Arrangement is scheduled to occur on April 1, 2022.