Noront Closes C$2.06 Million Non-Brokered Private Placement As Provincial Government Re-Affirms Its Ring of Fire Commitment
November 20 2019 - 2:05PM
Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture:
NOT) has closed a non-brokered private placement for gross proceeds
of $2.06 million from the issuance of flow-through shares (the “FT
Shares”) and units (the “Units”). The Company issued
7,900,000 FT Shares at a price of C$0.25 per FT Share for gross
proceeds of $1,975,000 and 425,000 Units at a price of C$0.20 per
Unit for gross proceeds of $85,000 (the “Private Placement”). Each
Unit consists of one common share of the Company and one common
share purchase warrant (each, a “Warrant”). Each Warrant entitles
the holder to acquire one common share of the Company at a price of
C$0.30 until November 20, 2021.
Net proceeds from the private placement will be
used for the exploration and development of the Company’s Eagle’s
Nest Project and chromite deposits located in the Ring of Fire
metals camp in Ontario and for general working capital
purposes.
Red Cloud Securities acted as finder and
received a finder’s fee, paid in shares, equal to 491,250 common
shares, 6% of the gross proceeds from the issuance of the Units,
paid in cash, and 19,500 finder warrants. Each finder warrant
entitles the holder to acquire one common share of the Company at a
price of $0.20 until November 20, 2021. The securities issued are
subject to a statutory hold period of four months plus one day,
which will expire on March 21, 2020.
The FT Shares are issued on a "flow-through"
basis and will be "flow-through shares" as defined in subsection
66(15) of the Income Tax Act. The securities issuable
pursuant to the Private Placement are subject to a statutory hold
period of four months plus one day, which will expire on March 21,
2020.
Ontario Fall Economic Update
In its 2019 Ontario Economic Outlook and Fiscal
Review, the Government of Ontario re-affirmed its commitment to
developing Ontario’s mining and exploration industries. This
includes taking a new approach to collaborating with First Nation
partners to develop all season roads that will enable access to
communities as well as resources in the Ring of Fire.
About Noront
Noront Resources Ltd. is focused on the
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.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For more information please
contact:Janice
Mandeljanice.mandel@stringcom.com647-300-3853
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