“Our increased offer of C$0.75 per share provides a compelling premium for Noront shareholders and is available to shareholders now,” BHP Chief Development Officer Johan van Jaarsveld said. “Our offer provides shareholders with the value inherent in Noront’s portfolio of projects, including the Eagle’s Nest project, delivering shareholders who accept our offer certainty of value and immediate liquidity.”

Noront CEO Alan Coutts said, “This transaction provides a premium to Wyloo’s offer, and delivers certainty of value to Noront shareholders via an allcash offer. Noront’s Board of Directors determined that BHP’s improved offer is in the best interests of the company and its shareholders and recommends Noront shareholders tender their shares to the BHP offer.”

According to BHP, Wyloo’s support of the transaction is not required for the offer to be successful. For Noront shareholders to receive the C$0.75 allcash offer price for their shares, at least 50% of shares not owned by BHP must be tendered. According to Noront, BHP’s latest offer is a premium of 213% over Noront’s unaffected closing price of C$0.24 on May 21, the last trading day before Wyloo publicly announced its intent to make an offer for Noront, and 7% over the C$0.70 per share offered by Wyloo on October 18.

Wyloo first made an offer for the company back in May, at C$0.315 per share. BHP then countered that offer at C$0.55 per share in July. Wyloo Metals currently holds 37% of Noront’s common shares.