Noront Resources (NOT-V) Sept 15, '17 has closed a private placement of 9,239,000 flow-through shares at a price of 40 cents per flow-through share for gross proceeds of $3,695,600. The company intends to use the proceeds for its exploration program in the Ring of Fire.
The shares will be flow-through shares pursuant to the Income Tax Act (Canada). The flow-through shares are subject to a statutory hold period of four months plus one day, expiring on Jan. 16, 2018.
In connection with the offering, EMD Financial Inc. received a cash finder's fee equal to 5 per cent of the gross proceeds up to $2.5-million and a finder's fee, paid in shares, of 6 per cent of the gross proceeds in excess of $2.5-million. There were 217,381 common shares issued at a price of 33 cents per common share in satisfaction of the share component of the finder's fee. The common shares are subject to a statutory hold period of four months plus one day, expiring on Jan. 16, 2018.
About Noront Resources Ltd.
Noront is focused on the development of its high-grade Eagle's Nest nickel-copper-platinum-palladium deposit and its world-class chromite deposits, including Blackbird, Black Thor and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire.
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