Resource Capital Fund V subscribes for 19.23 million common shares
By Marisa Wong
Madison, Wis., April 24 - Noront Resources Ltd. has agreed to sell 19,230,769 shares of its common stock to Resource Capital Fund V LP, according to a press release.
Noront is offering its stock at C$0.52 per share for net proceeds of C$10 million. The price per share reflects a 4% premium to the April 23 closing share price of C$0.50.
The deal is expected to close on May 8.
Proceeds from the offering will be used to advance the development of the company's flagship Eagle's Nest nickel sulphide project in the Ring of Fire district in northwestern Ontario.
Noront is a nickel, copper, platinum and palladium exploration company based in Toronto.
| Issuer: | Noront Resources Ltd.
|
| Issue: | Common shares
|
| Amount: | C$10 million
|
| Shares: | 19,230,769
|
| Price: | C$0.52
|
| Warrants: | No
|
| Investor: | Resource Capital Fund V LP
|
| Announcement date: | April 24
|
| Settlement date: | May 8
|
| Stock symbol: | TSX Venture: NOT
|
| Stock price: | C$0.50 at close April 23
|
| Market capitalization: | C$101.23 million
|
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