Noront Resources Announces $3 Million Private Placement of Flow-Through Shares

Nickel Investing

Noront Resources Ltd. (TSXV:NOT) announced that it has entered into an agreement with Dundee Securities Ltd., on behalf of a syndicate including Raymond James Ltd. (the “Agents”) under which the Agents have agreed to offer for sale, on a best efforts private placement basis, flow-through common shares (the “Flow-Through Shares”) at a price of $0.86 per Flow-Through Share for gross proceeds of approximately $3,000,000 (the “Offering”).

Noront Resources Ltd. (TSXV:NOT) announced that it has entered into an agreement with Dundee Securities Ltd., on behalf of a syndicate including Raymond James Ltd. (the “Agents”) under which the Agents have agreed to offer for sale, on a best efforts private placement basis, flow-through common shares (the “Flow-Through Shares”) at a price of $0.86 per Flow-Through Share for gross proceeds of approximately $3,000,000 (the “Offering”).

As quoted in the press release:

In addition, Noront has granted the Agents an over-allotment option (the “Option”) to sell up to an additional $1,000,000 of the Flow-Through Shares sold pursuant to the Offering, at $0.86 per Flow-Through Share, exercisable at any time prior to 48 hours before the Closing Date of the Offering.

In connection with the Offering, the Agents will receive a cash commission equal to 5.0% of the gross proceeds raised under the Offering (inclusive of the Option). The Closing Date of the Offering is scheduled on or about December 20, 2011.

Click here to read the Noront Resources Ltd. (TSXV:NOT) press release
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