By Devika Patel
Knoxville, Tenn., Feb. 7 - Noront Resources Ltd. announced it has completed a C$26 million private placement of units.
The company sold 6.5 million units of one common share and one half-share warrant at C$4.00 apiece.
The whole warrants will be 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 30 days after the company notifies holders.
IBK Capital Corp. was the agent.
The company said proceeds of the units "will provide Noront with the financial strength to develop its assets independent of near-term market fluctuations."
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.
|
| Settlement date: | Feb. 7
|
| Stock symbol: | TSX Venture: NOT
|
| Stock price: | C$4.23 at close Feb. 6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
