Noram Ventures Inc. (TSXV:NRM) has closed its previously announced non-brokered private placement financing. The offering raised gross proceeds of $243,500 through the sale of 4,870,000 common share units.
The Units were priced at $0.05 and consisted of one common share and one non-transferable common share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to purchase one additional common share at a price of $0.10 until June 26, 2016. All Warrants are subject to an early acceleration provision which provides for the mandatory exercise or expiry of the Warrants in the event Noram’s shares close at $0.20 or higher for at least 10 consecutive trading days. In such event, the Warrants will accelerate and expire 30 days after the Company has given notice of the accelerated conversion to the Warrant holders.