Noront Resources Appoints New Director and Issues Stock Based Compensation and Interest Shares
July 17 2020 - 4:05PM
Noront Resources Ltd. (“Noront” or “the Company”) (TSX Venture:
NOT) announced today that Mr. Matthew Quinlan, Interim CFO for
Trevali Mining Corporation, has been appointed to the Company’s
Board of Directors.
Appointment of Matthew Quinlan
Mr. Quinlan has 25 years of experience in
finance, capital markets and the global mining industry. Prior to
Trevali, he was the CFO of Dominion Diamond Corporation, the
world’s third largest diamond mining company. Over the course of a
fifteen-year career in investment banking he acted as lead
advisor/underwriter in over $40bn of transactions in the global
mining industry and was Managing Director and Co-head of CIBC’s
Global Mining investment banking group.
Matthew holds a BSc. (Honours) in Mechanical
Engineering with Business Finance from University College London
and The London School of Economics and Political Science. He is a
Chartered Professional Accountant (CPA) and is a Chartered
Financial Analyst (CFA).
Issuance of Stock Based Compensation
The Noront Board of Directors has granted the
option to acquire 200,000 common shares to various Directors,
Officers and Management, with an exercise price of $0.16 per Common
Share, the closing market price on the date of grant, exercisable
for a period of five years. One third of the options vest
immediately with the remaining options vesting in equal parts over
the next two years. In addition, the Board has granted 673,943
restricted stock units convertible into common shares of the
Company six months from the date of grant.
The options and restricted stock units were
granted pursuant to Noront’s stock option plan and share awards
plan respectively and will be used to compensate, incentivize, and
retain key members of the Board, Executive and Management team. The
issuance of options and restricted stock units are subject to all
applicable regulatory and exchange approvals.
Issuance of Interest Shares
The Company also announced that payment of
interest in the amount of $410,853 for the second quarter of 2020
pursuant to a loan agreement entered into between Noront and
Resource Capital Funds V L.P. (“RCF”) dated February 26, 2013 (the
“Loan Agreement”) has been satisfied by delivery of 2,628,618
common shares of the Company (the “Interest Shares”) at an
effective price of $0.1563 per Interest Share. The Interest Shares
were delivered on July 10, 2020 subject to a four month hold
period, expiring on November 11, 2020.
The calculation of the number of Interest Shares
issued was based on the volume weighted average trading price of
the common shares of the Company during the 20 trading days prior
to June 30, 2020. After giving effect to the issuance of the
Interest Shares, there are 415,203,568 common shares of the Company
issued and outstanding.
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:Greg
Rieveleygreg.rieveley@norontresources.com(416) 367-1444
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