Noront Resources Announces Private Placement of Flow-Through Shares
TORONTO, ON--(Marketwired - November 24, 2015) - Noront Resources Ltd. ("Noront" or the "Company") (TSX VENTURE: NOT) today announced the closing of a private placement (the "Offering") of 4,824,218 flow-through common shares at a price of $0.50 per flow-through common share for gross proceeds of $2,412,109. The common shares are subject to a statutory hold period of four months plus one day which will expire on March 25, 2016.
The gross proceeds from the Offering will be used to continue exploration efforts in the highly prospective Ring of Fire property that Noront has assembled. The proceeds will fund Canadian Exploration Expenses ("CEE"), with the company to use best efforts to qualify such CEE as "flow-through mining expenditures".
In connection with the Offering, Secutor Capital will receive a cash finder's fee equal to 6% of the gross proceeds.
The Company will also issue 50,000 common shares at a price of $0.40 per common share in satisfaction of an advance royalty payment due on one of its properties outside of the Ring of Fire which was acquired as a result of the previously announced acquisition of the Ring of Fire chromite properties. The common shares are also subject to a statutory hold period of four months plus one day which will expire on March 26, 2016. This issuance is subject to final acceptance by the TSX Venture Exchange.
About Noront Resources
Noront Resources Ltd. is focused on development of the high-grade Eagle's Nest nickel, copper, platinum and palladium deposit and the high-grade chromite deposits including Blackbird, Black Thor, and Big Daddy, all of which located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire. www.norontresources.com
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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation
Forward-looking information is based on reasonable assumptions that have been made by Noront as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Noront to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the use of the gross proceeds of the Offering to fund CEE; the qualification of expenditures funded by the Offering as "flow-through mining expenditures"; that all conditions precedent to the transactions will be met; risks related to government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; problems inherent to the marketability of base and precious metals; industry conditions, including fluctuations in the price of base and precious metals, fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Noront; stock market volatility; competition; risk factors disclosed in Noront's most recent Management's Discussion and Analysis and Annual Information Form, available electronically on SEDAR; and such other factors described or referred to elsewhere herein, including unanticipated and/or unusual events. Many such factors are beyond Noront's ability to control or predict.
Although Noront has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as 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 reliant on forward-looking information.
All of the forward-looking information given in this press release is qualified by these cautionary statements and readers are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. Noront disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. This forward-looking information should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.
Contact
For more information please contact:
Janice Mandel
janice.mandel@stringcom.com
(647) 300-3853