By Sheri Kasprzak
New York, Dec. 22 - Noront Resources Ltd. said it has priced a C$1 million private placement.
The company intends to sell up to 5 million units at C$0.20 each.
Noront may sell up to C$750,000 in flow-through units and up to C$500,000 in hard dollar units.
The flow-through units include one flow-through share and one half-share warrant. The whole warrants are exercisable at C$0.25 each for two years.
The hard dollar units are comprised of one share and one warrant. The warrants are exercisable at C$0.25 each for two years.
The expiry of the warrants will be accelerated to 30 days if the company's stock trades above C$0.50 for 15 consecutive trading days.
PowerOne Capital Markets Ltd. is the placement agent.
Proceeds will be used for exploration on existing properties and general corporate purposes.
Based in Toronto, Noront is a mineral exploration company.
| Issuer: | Noront Resources Ltd.
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| Issue: | Flow-through and hard-dollar units
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| Amount: | C$1 million (maximum)
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| Units: | 5 million (maximum)
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| Price: | C$0.20
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| Warrants: | One half-share warrant per flow-through units; one warrant per hard-dollar unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.25
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| Placement agent: | PowerOne Capital Markets Ltd.
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| Pricing date: | Dec. 22
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| Stock price: | C$0.19 at close Dec. 22
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