Non-brokered deal sells flow-through units and units at C$0.45, C$0.35
By Devika Patel
Knoxville, Tenn., March 30 – Noront Resources Ltd. said it settled a C$1.14 million non-brokered private placement of units.
The company sold 1.5 million units of one common share and one warrant at C$0.35 per unit and 1,366,667 flow-through units of one flow-through common share and one half-share warrant at C$0.45 per unit.
Each unit warrant is exercisable at C$0.50 and each whole flow-through warrant is exercisable at C$0.55. Both warrants expire on March 30, 2019. The strike prices are 66.67% and 83.33% premiums to C$0.30, the March 29 closing share price.
Proceeds will be used for exploration and working capital.
Secutor Capital Management Corp. was paid a 5% cash finder’s fee.
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 warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$1.14 million
|
| Agent: | Non-brokered
|
| Settlement date: | March 30
|
| Stock symbol: | TSX Venture: NOT
|
| Stock price: | C$0.30 at close March 29
|
| Market capitalization: | C$76.6 million
|
|
|
| Units
|
| Amount: | C$525,000
|
| Units: | 1.5 million
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | March 30, 2019
|
| Warrant strike price: | C$0.50
|
|
|
| Flow-through units
|
| Amount: | C$615,000
|
| Shares: | 1,366,667
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | March 30, 2019
|
| Warrant strike price: | C$0.55
|
|
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