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    chromium investing

    Noront Sells Windfall Lake Interest

    Investing News Network
    Dec. 06, 2012 12:49PM PST
    Industrial Metals

    Noront Resources Ltd. (TSXV:NOT) is in agreement to sell its 25% interest in the Windfall Lake Project with Maudore Minerals Ltd. for CAD$10.0 million in cash plus three million warrants.

    Noront Resources Ltd. (TSXV:NOT) is in agreement to sell its 25% interest in the Windfall Lake Project with Maudore Minerals Ltd. for CAD$10.0 million in cash plus three million warrants.

    As quoted in the press release:

    Maudore has agreed to pay a sum of CAD$10.0 million in cash plus three million warrants which entitle Noront to purchase common shares of Maudore at a price of CAD$2.20 per common share (“the Warrants”) (collectively the “Purchase Price”) in exchange for Noront’s current 25% interest in the Windfall Lake Project. Maudore will also be required to pay to Noront, subject to certain conditions, an additional amount in the event that Maudore acquires, directly or indirectly, Eagle Hill’s 75% interest in the Windfall Lake Property (the “75% Interest”) equal to the difference (if any) between (i) one third of the purchase price paid by Maudore for the 75% Interest and (ii) CAD $10.0 million. The additional payment will be satisfied by the issuance of Maudore common shares.

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

    See this press release on Marketwire
    Click here to see the Noront Resources Ltd. (TSXV:NOT) profile.

    noront resources ltdchromium investingtsxv:not
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