Noront Closes Bridge Loan with Resource Capital Fund V

Noront Resources Ltd. (TSXV:NOT) announced that it’s entered into a definitive agreement with Resource Capital Fund V LP regarding a US$2-million bridge loan. The company also said it has drawn down the aggregate principal amount available under the facility.

As quoted in the press release:

Interest on the Facility will be paid quarterly, in arrears, in common shares of Noront (“Common Shares”) based on the volume-weighted average trading price of such Common Shares the 20 days prior to the date of each interest period determination (subject to applicable minimum pricing requirements of the TSX Venture Exchange), or at RCF’s option, in cash. An establishment fee of 2% of the principal amount of the Facility will be paid to RCF in Common Shares within three business days of the Drawdown, being 101,852 Common Shares.

The proceeds of the Facility are expected to be used to augment the Company’s working capital and advance its mineral projects in the Ring of Fire.

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