By Devika Patel
Knoxville, Tenn., Feb. 4 - Noront Resources Ltd. announced it will conduct a C$26 million private placement of units.
The company will sell 6.5 million units at C$4.00 apiece. Each unit consists of one common share and one half-share warrant. The whole warrants are exercisable at C$5.00 for two years.
The warrants may expire sooner if the company's shares close at C$6.00 or higher for 10 consecutive trading days. In that case, the warrants will expire within 30 days.
IBK Capital Corp. will be the agent.
Proceeds will be used will be for exploration.
Based in Toronto, Noront Resources is a gold exploration company.
| Issuer: | Noront Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$26 million
|
| Units: | 6.5 million
|
| Price: | C$4.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$5.00
|
| Agent: | IBK Capital Corp.
|
| Pricing date: | Feb. 4
|
| Stock symbol: | TSX Venture: NOT
|
| Stock price: | C$4.46 at close Feb. 1
|
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