Baosteel Resources purchases company's shares and half-share warrants
By Devika Patel
Knoxville, Tenn., June 2 - Noront Resources Ltd. said it concluded a C$17.4 million private placement of units.
The company sold 20,234,967 units at C$0.86 apiece to Baosteel Resources International Co., Ltd. The units consist of one common share and one half-share warrant. Each whole warrant will be exercisable at C$1.16 for two years. The strike price reflects a 52.63% premium to the June 1 closing share price of C$0.76.
Proceeds will be used to complete a feasibility study on the Eagle's Nest nickel sulphide deposit, to expand the Blackbird chromite resource, to explore for additional nickel sulphide mineralization, to complete a pre-feasibility study on the Blackbird chromite deposit, for on-going consultation with local First Nations communities and for permitting.
The multi-metals explorer is based in Toronto.
| Issuer: | Noront Resources Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$17,402,072
|
| Units: | 20,234,967
|
| Price: | C$0.86
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.16
|
| Investor: | Baosteel Resources International Co., Ltd.
|
| Settlement date: | June 2
|
| Stock symbol: | TSX Venture: NOT
|
| Stock price: | C$0.76 at close June 1
|
| Market capitalization: | C$139.96 million
|
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