By Sheri Kasprzak
Atlanta, Dec. 1 - Noront Resources Ltd. said Wednesday it raised C$2 million in a private placement.
The company sold 645,455 flow-through common shares at C$0.55 each and 2,990,908 units at C$0.55 each.
The units are comprised of one common share and one half-share warrant.
The whole warrants allow for an additional share at C$0.75 each through May 26, 2006.
Placement agents Dundee Securities Corp. and Canaccord Capital Corp. were involved in the transaction.
The deal was originally announced Nov. 4.
The Toronto-based diamond exploration company plans to use the proceeds from the units for general working capital, and the proceeds from the non flow-through units will be used for exploration at the Windfall Lake project in Quebec.
| Issuer: | Noront Resources Ltd.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$2 million
|
| Placement agent: | Dundee Securities Corp. and Canaccord Capital Corp.
|
| Announcement date: | Nov. 4
|
| Settlement date: | Dec. 1
|
| Stock price: | C$0.64 at close Nov. 4
|
| Stock price: | C$0.63 at close Dec. 1
|
|
|
| Flow-through shares
|
| Issue: | Flow-through common shares
|
| Shares: | 645,455
|
| Price: | C$0.55
|
| Warrants: | No
|
|
|
| Units
|
| Issue: | Units of one share and one half-share warrant
|
| Units: | 2,990,908 units
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | May 26, 2006
|
| Warrant strike price: | C$0.75
|
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