By Sheri Kasprzak
New York, Jan. 6 - Noront Resources Ltd. said it has completed two private placements for proceeds of C$1.5 million.
In the largest offering, Noront sold 2.5 million flow-through units and 2.5 million hard dollar units at C$0.20 each.
The flow-through units are comprised of 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 include one share and one warrant. The warrants are exercisable at C$0.25 each for two years.
The expiry of both sets of warrants may be accelerated to 30 days if the company's stock trades above C$0.50 for more than 15 consecutive trading days.
PowerOne Capital Markets Ltd. was the placement agent for that deal.
In a separate offering, the company issued 2,380,951 units at C$0.21 each.
Those units consist of one flow-through share and one half-share warrant. The full warrants are exercisable at C$0.25 each for two years.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$0.42 for 21 consecutive trading days.
Limited Market Dealer Inc. was the placement agent for that offering.
Proceeds from both deals will be used for exploration on the company's existing properties.
Based in Toronto, Noront Resources is a gold exploration company.
First offering
Issuer: | Noront Resources Ltd.
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Issue: | Units of one flow-through share and one half-share warrant and hard dollar units of one share and one warrant
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Amount: | C$1 million
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Placement agent: | PowerOne Capital Markets Ltd.
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Settlement date: | Jan. 6
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Stock price: | C$0.22 at close Jan. 5
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Flow-through units
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Units: | 2.5 million
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Price: | C$0.20
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.25
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Hard dollar units
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Units: | 2.5 million
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Price: | C$0.20
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.25
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Second offering
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Issuer: | Noront Resources Ltd.
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Issue: | Flow-through units of one share and one half-share warrant
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Amount: | C$500,000
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Units: | 2,380,951
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Price: | C$0.21
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Warrants: | One half-share warrant per 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: | Limited Market Dealer Inc.
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Settlement date: | Jan. 6
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Stock price: | C$0.22 at close Jan. 5
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