Noront Resources Appoints New Director and Issues Stock Based Compensation
February 27 2020 - 5:12PM
Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture:
NOT) announced today that Mr. Gregory Honig, Director of
Origination, Canada for Resource Capital Funds (“RCF”), has been
appointed to Noront’s Board of Directors (the “Board”) in place of
Sybil Veenman who will be stepping down as RCF’s appointee on the
Board.
Appointment of Gregory Honig
Mr. Honig has over 15 years of experience in the
mining industry with extensive capital markets, M&A, and
corporate development experience. Prior to joining RCF, Gregory
worked for Xstrata Nickel as Director - Business
Development and for Orion Securities as Senior
Analyst - Mining Investment Banking. He currently serves
on the Board of Directors of First Drilling LLC and received his
ICD.D designation from the Institute of Corporate Directors.
Noront’s Chairman, Paul Parisotto, welcomes Mr.
Honig to the Board of Directors and extends his thanks and
appreciation to Sybil Veenman who will be stepping down as a Board
member and RCF appointee, having served in that capacity since
August 2015, but will remain engaged with Noront as a Special
Advisor to the Board.
Issuance of Stock-Based Compensation
The Board has granted options to acquire an
aggregate of 6,823,074 common shares of the Company to certain
directors, officers, management and special advisors of the Company
with 4,362,966 of these options vesting immediately and 2,460,108
of these options vesting over two years. These options have an
exercise price of $0.145 per share, being the closing market price
on the date of grant, and are exercisable for a period of five
years.
The Board has also accelerated the expiry of
1,250,000 performance share units (“PSUs”), and issued 250,000 PSUs
and 553,648 restricted share units (“RSUs”) to management of the
Company. The RSUs are convertible into common shares of the Company
on the one-year anniversary from the date of grant and the PSU’s
are convertible into common shares of the Company upon the
achievement of certain performance objectives.
The options, RSUs and PSUs were granted pursuant
to Noront’s stock option plan and share awards plan, respectively.
The issuance of options and restricted stock units are subject to
all applicable regulatory and exchange approvals.
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:Janice Mandel
janice.mandel@stringcom.com (647) 300-3853
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