Noront Announces Non-Brokered Private Placement Of Up To C$2.5 Million
October 28 2019 - 8:20AM
Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture:
NOT) is pleased to announce a non-brokered private placement of any
combination of units of the Company (the "Units") at a price of
C$0.20 per Unit and flow-through shares of the Company (the “FT
Shares”) at a price of C$0.25 per FT Share for gross proceeds of up
to approximately C$2,500,000 (the “Private Placement”). Each Unit
will consist of one common share of the Company and one common
share purchase warrant (each, a “Warrant”). Each Warrant will
entitle the holder thereof to acquire one common share of the
Company at a price of C$0.30 for a period of 24 months following
the closing of the Offering. Red Cloud Securities will act as
finder in connection with the Private Placement.
The FT Shares will be issued on a "flow-through"
basis and will be "flow-through shares" as defined in subsection
66(15) of the Income Tax Act. The Company will, in a timely and
prescribed manner and form, incur (or be deemed to incur) resource
exploration expenses which will constitute "Canadian exploration
expenses" as defined in subsection 66.1(6) of the Income Tax Act
and "flow through mining expenditures" as defined in subsection
127(9) of the Income Tax Act ("Qualifying Expenditures"), in an
amount equal to the amount raised pursuant to the sale of FT
Shares, and the Company will, in timely and prescribed manner and
form, renounce the Qualifying Expenditures (on a pro rata basis) to
each subscriber of FT Shares with an effective date of no later
than December 31, 2020 in accordance with the Income Tax Act.
The net proceeds from the sale of Units will be
for the exploration and development of the Company’s Eagle’s Nest
Project and chromite deposits located in the Ring of Fire metals
camp in Ontario and for general working capital purposes. The
closing of the Private Placement, which is expected to take place
on or before November 20, 2019, is subject to receipt of all
necessary regulatory approvals as well as to a statutory hold
period of four months and one day in accordance with applicable
securities laws.
The securities offered have not been, and will
not be, registered under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act”) or any U.S.
state securities laws, and may not be offered or sold in the United
States or to, or for the account or benefit of, United States
persons absent registration or an applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. This press release does not constitute
an offer to sell or the solicitation of an offer to buy securities
in the United States, nor in any other jurisdiction.
About Noront
Noront Resources Ltd. is focused on the
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.
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.
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.
For more information please
contact:Greg
Rieveleygreg.rieveley@norontresources.com(416) 367-1444
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