TORONTO — Shares of Noront Resources Ltd. gained nearly 50 per cent in early trading after Wyloo Metals Pty Ltd. raised its offer for the company in its takeover fight with BHP.
Wyloo says it is now offering $1.10 per share for the shares in Noront it does not already own, topping BHP’s offer of 75 cents per share.
Noront shares were up 35 cents at $1.08 in early trading on the TSX Venture Exchange.
Noront is developing several projects in the Ring of Fire region in northern Ontario.
Wyloo says it owns a 37.2 per cent stake in the company and that it does not intend to support any alternate offers for the company.
It says under its proposal that Noront shareholders have the option of accepting its cash offer or continuing to participate in Noront’s unrealized potential by remaining as a shareholder.