Noront shareholders were given the option to retain some of their shares, but given less than 20% elected to do so, Wyloo acquired 100% of the company for $1.10 cash per share.
The recommended offer came after a bidding war with BHP.
The acquisition secures the high-grade Eagles Nest nickel-copper-platinum-palladium project, in Ontario's Ring of Fire, for Wyloo.
Wyloo CEO Luca Giacovazzi said the company was ready to deliver a new world-class battery metals producer in Ontario.
"Wyloo Metals was founded to ensure a successful transition to a lower carbon future by supplying the necessary critical metals to the world. Today, we take an important step in our long-term strategy to become a producer of metals needed for a cleaner future," he said.
"We know this future can be realised by working together with our Indigenous communities and stakeholders. The Ring of Fire represents a transformative, multigenerational opportunity and we are committed to working closely with all stakeholders to create mutually beneficial industry and employment opportunities across the region."
Wyloo expects Eagles Nest to have an initial mine life of 11 years, with the potential to extend to 20 years.
The underground mine, which is expected to have a small footprint, is expected to produce 150,000-250,000 tonnes of nickel-bearing concentrate per annum.
Wyloo said Eagle's Nest would be developed as a net zero emissions mine and would set a global benchmark for sustainable mining.
Wyloo reiterated its commitment to spend $25 million on feasibility studies to investigate the potential for battery material production in Ontario.
The company will also target $100 million in contract awards to indigenous-led businesses and establish a training and employment centre for local communities.
The Canadian government released its 2022 budget overnight, committing $3.8 billion to initiatives to encourage the production of critical minerals.
It included $1.5 billion for new infrastructure investments to unlock new mineral projects in critical regions, such as the Ring of Fire.
Wyloo said it looked forward to working with the federal and provincial government to realise the strategies.
"Canada has a valuable opportunity to position itself as a green energy superpower for the next century and beyond," Giacovazzi said.
"The demand for critical metals is being driven by a once-in-a-generation industrial revolution, as we transition from a carbon-based economy to electrification and low-carbon technologies.
"By investing in Ontario's battery production capabilities, we will not only provide a secure, domestic supply of products for the emerging battery market, but also provide a source of critical metals that meet the highest environmental and social standards."
