Noront Extends Debt Arrangement With RCF
November 01 2019 - 2:22PM
Noront Resources Ltd. (“Noront” or “the Company”) (TSX Venture:
NOT) is announcing that it has entered into a seventh amending
agreement dated October 31, 2019 (the “Seventh Amending Agreement”)
with its largest shareholder, Resource Capital Fund V L.P. (“RCF
V”), to extend the term of its existing US$15 million convertible
debenture (the “Convertible Debenture”). Subject to TSX
Venture Exchange approval, the maturity date of the Convertible
Debenture has been extended until November 30, 2019 (previously
October 31, 2019). All other material terms and conditions
remain the same. The Company is currently in the process of
negotiating a longer-term extension with RCF that is envisioned to
be completed prior to the termination date of this extension.
RCF V is a “related party” of Noront as RCF V is
a person that has beneficial ownership of, and control or direction
over, directly or indirectly, securities of Noront carrying more
than 10% of the voting rights attached to all of Noront’s
outstanding voting securities. As a result, the entering into of
the Seventh Amending Agreement is a “related party transaction”
pursuant to Multilateral Instrument 61-101 – Protection of
Minority Security Holders in Special Transactions (“MI
61-101”), incorporated by reference into Policy 5.9
– Protection of Minority Security Holders in Special
Transactions of the TSX Venture Exchange. Noront is relying on
(i) the exemption set forth in sections 5.5(a) and (b) of MI 61-101
from the formal valuation requirement, and (ii) the exemption set
forth in section 5.7(a) of MI 61-101 from the “minority approval”
requirement, in connection with entering into the Seventh Amending
Agreement.
About Noront ResourcesNoront
Resources Ltd. is focused on development of its high-grade Eagle’s
Nest nickel, copper, platinum and palladium deposit and the world
class chromite deposits including Blackbird, Black Thor, and Big
Daddy, all of which are located in the James Bay Lowlands of
Ontario in an emerging metals camp known as the Ring of Fire.
www.norontresources.com
For more information please contact:Greg
Rieveley, CFO greg.rieveley@norontresources.com(416) 367-1444
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