Non-brokered deal offers flow-through common shares and equity units
By Devika Patel
Knoxville, Tenn., Sept. 8 – Noront Resources Ltd. said it completed a C$1.54 million non-brokered private placement of units and stock. The deal priced for C$1.56 million on Aug. 31.
The company sold 2,907,575 units of one common share and one half-share warrant at C$0.33 per unit and 1,535,000 flow-through common shares at C$0.38 apiece.
Each whole warrant is exercisable at C$0.47 for two years. The strike price and price per share are a 23.68% premium and identical to C$0.38, the Aug. 28 closing share price.
Proceeds will be used for development of the Eagle's Nest project, exploration in the Ring of Fire and general working capital.
Noront is a nickel, copper, platinum and palladium exploration company based in Toronto.
| Issuer: | Noront Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$1,542,800
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 8
|
| Stock symbol: | TSX Venture: NOT
|
| Stock price: | C$0.38 at close Aug. 28
|
| Market capitalization: | C$87.79 million
|
|
|
| Units
|
| Amount: | C$959,500
|
| Units: | 2,907,575
|
| Price: | C$0.33
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.47
|
|
|
| Flow-through shares
|
| Amount: | C$583,300
|
| Shares: | 1,535,000
|
| Price: | C$0.38
|
| Warrants: | No
|
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