Noront Resources Adopts Shareholder Rights Plan
May 27 2021 - 9:05AM
Noront Resources Ltd. (TSXV: NOT) ("Noront" or the "Company")
announces that it has adopted a shareholder rights plan (the
"
Rights Plan") effective May 26, 2021.
The Rights Plan is designed to ensure that all
Noront shareholders are treated fairly in connection with any
take-over bid and to protect against "creeping bids" for the
outstanding common shares of Noront (the "Common
Shares") through purchases exempt from applicable
take-over bid rules.
Subject to the terms of the Rights Plan, in the
event that rights become exercisable under the Rights Plan, holders
of the rights (other than the acquiring person and its related
parties) will be permitted to exercise their rights to purchase
additional Common Shares at a 50% discount to the then prevailing
market price of the Common Shares. Pursuant to the Rights Plan, one
right attaches to each issued and outstanding Common Share.
While the Rights Plan is effective as of May 26,
2021, it is subject to ratification by Noront's shareholders and is
subject to approval of the TSX Venture Exchange. If the Rights Plan
is not ratified by Noront's shareholders at a special meeting of
shareholders of Noront on or prior to November 26, 2021 (the
"Meeting"), the Rights Plan will terminate and all
rights issued thereunder will be cancelled. A complete copy of the
Rights Plan will be available on SEDAR (www.sedar.com) under
Noront's issuer profile.
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:Ian
Hamiltonihamilton@longviewcomms.ca(905) 399-6591
Janice Mandel janice.mandel@stringcom.com (647) 300-3853
CAUTIONARY LANGUAGE AND FORWARD-LOOKING
STATEMENTS
This news release includes certain statements
that may be deemed "forward-looking statements". Except for
statements of historical fact relating to Noront, information
contained herein constitutes forward-looking information, including
any information related to Noront's strategy, plans or future
financial or operating performance. Forward-looking information is
characterized by words such as "plan", "expect", "budget",
"target", "project", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or
conditions "may", "will", "could" or "should" occur. In order to
give such forward-looking information, the Company has made certain
assumptions about its business, operations, the economy and the
mineral exploration industry in general on each of the foregoing.
In this respect, the Company has assumed that (i) required
regulatory approvals are received for the Rights Plan, (ii)
shareholders will ratify the Rights Plan, and (iii) the Rights Plan
will work as expected to ensure that all Noront shareholders are
treated fairly in connection with any take-over bid and to protect
against "creeping bids". Forward-looking information is based on
the opinions, assumptions and estimates of management considered
reasonable at the date the statements are made, and are inherently
subject to a variety of risks and uncertainties and other known and
unknown factors that could cause actual events or results to differ
materially from those described in, or implied by, the
forward-looking information. Although Noront has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in, or implied
by, the forward-looking information, there may be other factors
that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The reader is cautioned not to
place undue reliance on forward-looking information. The
forward-looking information contained herein is presented for the
purpose of assisting investors in understanding Noront's expected
performance and Noront's plans and objectives and may not be
appropriate for other purposes. All forward-looking information
contained herein is given as of the date hereof, as the case may
be, and is based upon the opinions and estimates of management and
information available to management of the Company as at the date
hereof. The Company undertakes no obligation to update or revise
the forward-looking information contained herein and the documents
incorporated by reference herein, whether as a result of new
information, future events or otherwise, except as required by
applicable laws.
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