Deal sells 4,824,218 shares at C$0.50 per share to finance exploration
By Devika Patel
Knoxville, Tenn., Nov. 24 – Noront Resources Ltd. said it completed a C$2.41 million private placement of stock.
The company sold 4,824,218 flow-through common shares at C$0.50 apiece. The price per share reflects a 19.05% premium to the Nov. 23 closing share price of C$0.42.
Proceeds will be used for exploration.
In connection with the offering, Secutor Capital will receive a 6% cash finder’s fee. The company will also issue 50,000 common shares at C$0.40 per share to satisfy an advance royalty payment due on one of its properties.
Noront is a nickel, copper, platinum and palladium exploration company based in Toronto.
| Issuer: | Noront Resources Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$2,412,109
|
| Shares: | 4,824,218
|
| Price: | C$0.50
|
| Warrants: | No
|
| Settlement date: | Nov. 24
|
| Stock symbol: | TSX Venture: NOT
|
| Stock price: | C$0.42 at close Nov. 23
|
| Market capitalization: | C$103.95 million
|
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