BHP Lonsdale Investments Pty. Ltd., a wholly owned subsidiary of BHP, has increased its all-cash offer for Noront shares to C$0.75 per share.

The Noront Board said the proposal from Wyloo Metals Pty Ltd. at a price of C$0.70 per share, has ceased to be a “superior proposal,” and recommended the Noront shareholders tender their shares to the BHP offer.

“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.”

Shareholders have until 11:59 p.m. on November 9 to accept the increased offer.

Noront CEO Alan Coutts said, “This transaction provides a premium to Wyloo’s offer, and delivers certainty of value to Noront shareholders via an all-cash 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 in order for the offer to be successful. In order for Noront shareholders to receive the C$0.75 all-cash offer price for their shares, at least 50% of shares not owned by BHP must be tendered.

van Jaarsveld said, “Now is the time for shareholders to decide if they want to tender to our improved offer and crystallize the compelling and full value it represents.”