Noront Resources Announces $3 Million Private Placement of Flow-Through Shares
November 26 2011 - 10:46PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ TORONTO, Nov. 29, 2011 /CNW/ -
Noront Resources Ltd. (the "Company" or "Noront") is pleased to
announce that it has entered into an agreement with Dundee
Securities Ltd., on behalf of a syndicate including Raymond James
Ltd. (the "Agents") under which the Agents have agreed to offer for
sale, on a best efforts private placement basis, flow-through
common shares (the "Flow-Through Shares") at a price of $0.86 per
Flow-Through Share for gross proceeds of approximately $3,000,000
(the "Offering"). In addition, Noront has granted the Agents an
over-allotment option (the "Option") to sell up to an additional
$1,000,000 of the Flow-Through Shares sold pursuant to the
Offering, at $0.86 per Flow-Through Share, exercisable at any time
prior to 48 hours before the Closing Date of the Offering. In
connection with the Offering, the Agents will receive a cash
commission equal to 5.0% of the gross proceeds raised under the
Offering (inclusive of the Option). The Closing Date of the
Offering is scheduled on or about December 20, 2011. All
securities issued will be subject to a four month hold period. The
Offering is subject to a number of conditions, including, without
limitation, receipt of all regulatory approvals. The gross proceeds
from the sale of the Flow-Through Shares will be used for Canadian
Exploration Expenses ("CEE"), with the Company to use best efforts
to qualify such CEE as "flow-through mining expenditures", to fund
ongoing exploration activities on the Company's McFauld's Lake
project. Such CEE will be renounced in favour of the subscribers of
the Flow-Through Shares effective on or before December 31, 2011.
About Noront: Noront Resources Ltd. is focused on developing the
high-grade Eagle's Nest nickel-copper-platinum-palladium deposit,
the exploration and development of the Blackbird chromite discovery
and regional exploration for additional mineral deposits within its
large, highly prospective land position in an area known as the
"Ring of Fire", an emerging multi-metals camp located in the James
Bay Lowlands of Ontario, Canada. For further information please
access the Company's website at www.norontresources.com or search
the Company's publically filed documents at www.sedar.com. Wesley
(Wes) Hanson President & Chief Executive Officer FORWARD
LOOKING STATEMENTS This release contains "forward-looking
statements" within the meaning of applicable Canadian securities
legislation, including predictions, projections and
forecasts. Forward-looking statements include, but are not
limited to, statements that address activities, events or
developments that the Company expects or anticipates will or may
occur in the future, including such things as future business
strategy, competitive strengths, goals, expansion, growth of the
Company's businesses, operations, plans and with respect to
exploration results, the timing and success of exploration
activities generally, permitting time lines, government regulation
of exploration and mining operations, environmental risks, title
disputes or claims, limitations on insurance coverage, timing and
possible outcome of any pending litigation and timing and results
of future resource estimates or future economic studies. Often, but
not always, forward-looking statements can be identified by the use
of words such as "plans", "planning", "planned", "expects" or
"looking forward", "does not expect", "continues", "scheduled",
"estimates", "forecasts", "intends", "potential", "anticipates",
"does not anticipate", or "belief", or describes a "goal", or
variation of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved. Forward-looking statements are
based on a number of material factors and assumptions, including,
the result of drilling and exploration activities, that contracted
parties provide goods and/or services on the agreed timeframes,
that equipment necessary for exploration is available as scheduled
and does not incur unforeseen break downs, that no labour shortages
or delays are incurred, that plant and equipment function as
specified, that no unusual geological or technical problems occur,
and that laboratory and other related services are available and
perform as contracted. Forward-looking statements involve
known and unknown risks, future events, conditions, uncertainties
and other factors which may cause the actual results, performance
or achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, the interpretation and actual
results of current exploration activities; changes in project
parameters as plans continue to be refined; future prices of gold;
possible variations in grade or recovery rates; failure of
equipment or processes to operate as anticipated; the failure of
contracted parties to perform; labour disputes and other risks of
the mining industry; delays in obtaining governmental approvals or
financing or in the completion of exploration, as well as those
factors disclosed in the Company's publicly filed documents.
Although Noront has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. Noront
Resources Ltd. CONTACT: Phone: 416.367.1444Email:
investor.relations@norontresources.comWebsite:
http://www.norontresources.com/
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