Brokered offering has C$3 million greenshoe; proceeds fund exploration
By Devika Patel
Knoxville, Tenn., Oct. 28 - Noront Resources Ltd. said it will conduct a private placement of stock via a syndicate of underwriters and Dundee Securities Corp. The deal will raise C$6 million and has a C$3 million greenshoe.
The company will sell 4.8 million flow-through common shares at C$1.25 per share on a bought-deal basis. The price per share reflects a 4.17% premium to the Oct. 27 closing share price of C$1.20.
Settlement is expected Nov. 26
Proceeds will be used for exploration.
Noront is a mineral exploration company based in Toronto.
| Issuer: | Noront Resources Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$6 million
|
| Greenshoe: | C$3 million
|
| Shares: | 4.8 million
|
| Price: | C$1.25
|
| Warrants: | No
|
| Agent: | Dundee Securities Corp.
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 26
|
| Stock symbol: | TSX Venture: NOT
|
| Stock price: | C$1.18 at close Oct. 28
|
| Market capitalization: | C$207.25 million
|
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