Mining billionaire聽Andrew Forrest鈥檚 Wyloo Metals announced on Tuesday that it intended to make an offer for Noront Resources.
The would value the Canadian nickel project developer at C$133 million.
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.聽
The company鈥檚 first project is a 100%-owned, high-grade, nickel, copper and platinum group element (PGE) deposit called Eagle鈥檚 Nest.
It is the largest high-grade nickel discovery in Canada since Voisey鈥檚 Bay.
Midday Tuesday, Noront鈥檚 stock was up 31% on the TSXV. The company has a C$132 million market capitalization.