Brokered offering has C$1 million greenshoe; proceeds fund exploration
By Devika Patel
Knoxville, Tenn., Nov. 29 - Noront Resources Ltd. said it will conduct a C$3 million private placement of stock via a syndicate of underwriters led by Dundee Securities Ltd. and including Raymond James Ltd. The deal has a C$1 million greenshoe.
The company will sell flow-through common shares at C$0.86 per share on a best-efforts basis. The price per share reflects a 7.5% premium to the Nov. 28 closing share price of C$0.80.
Settlement is expected Dec. 20
Proceeds will be used for exploration.
Noront is a nickel, copper, platinum and palladium exploration company based in Toronto.
| Issuer: | Noront Resources Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$3 million
|
| Greenshoe: | C$1 million
|
| Price: | C$0.86
|
| Warrants: | No
|
| Agents: | Dundee Securities Ltd. (lead), Raymond James Ltd.
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 20
|
| Stock symbol: | TSX Venture: NOT
|
| Stock price: | C$0.80 at close Nov. 28
|
| Market capitalization: | C$165.56 million
|
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