TORONTO, Sept. 19, 2017 (GLOBE NEWSWIRE) — Noront Resources Ltd. (“Noront”) (TSX Venture:NOT) announced on Friday September 15, 2017 the closing of a private placement of 9,239,000 flow-through shares at a price of $0.40 per flow-through share for gross proceeds of $3,695,600 (the “Offering”). The Company intends to use the proceeds for it exploration program in the Ring of Fire.
The shares will be “flow-through” shares pursuant to the Income Tax Act (Canada). The flow-through shares are subject to a statutory hold period of four months plus one day which will expire on January 16, 2018.
In connection with the Offering, EMD Financial Inc. received a cash finder’s fee equal to 5% of the gross proceeds up to $2.5 million and a finder’s fee, paid in shares, of 6% of the gross proceeds in excess of $2.5 million. There were 217,381 common shares issued at a price of $0.33 per common share in satisfaction of the share component of the finder’s fee. The common shares are subject to a statutory hold period of four months plus one day which will expire on January 16, 2018.
About Noront Resources 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. http://www.norontresources.com
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