Noront Issues Shares in Full Satisfaction Of US$15 Million Convertible Debenture

Noront Resources Ltd. (" Noront " or the " Company ") (TSXV: NOT) announces the issuance of 96,150,000 common shares of the Company (the " Conversion Shares ") in full satisfaction of its US$15 million amended and restated loan agreement (the " Loan Agreement ") held by Wyloo Canada Holdings Pty Ltd. (Wyloo). The number of shares were derived using the USD CAD exchange rate on the day prior to the effective date of conversion being September 22, 2021 and using the conversion price of $0.20 per share as stipulated in the Loan Agreement.

The Company will also be paying the final interest payment due under the loan agreement of $350,789 for the period from July 1, 2021 to September 22, 2021 by the delivery of 468,969 common shares of the Company (the " Interest Shares ") at an effective price of $0.748 per Interest Share, subject to Exchange acceptance. The Interest Shares will be subject to a four month hold period expiring on February 2, 2022.

The calculation of the number of Interest Shares to be issued is based on the volume weighted average trading price of the common shares of the Company during the 20 trading days prior to September 22, 2021.

After giving effect to the issuance of the Conversion and Interest Shares, there will be 559,536,300 common shares of the Company issued and outstanding and Wyloo will hold a direct interest of 37.25% in the Company.

About Noront Resources

Noront Resources Ltd. is focused on the development of its high-grade Eagle's Nest nickel, copper, platinum and palladium deposit and the 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. www.norontresources.com

Contact Information

Media Relations Investor Relations
Ian Hamilton Greg Rieveley
Tel: +1 (905) 399-6591 Tel: +1 (416) 367-1444
ihamilton@longviewcomms.ca greg.rieveley@norontresources.com
Janice Mandel
Tel: +1 (647) 300-3853
janice.mandel@stringcom.com

Primary Logo

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)
Blackstone Minerals

Accelerated Non-Renounceable Entitlement Offer Results

Blackstone Minerals Limited (ASX: BSX) (“Blackstone” or the “Company”) advises that the Company has completed its Accelerated Non-Renounceable Entitlement Offer as per the terms of the Prospectus dated 4 November 2024 (“Entitlement Offer”). As announced on 6 November 2024, the institutional component of the Entitlement Offer was completed raising approximately $550k from Nanjia Capital Limited and its controlled entities.

Keep reading...Show less
FPX Nickel (TSXV:FPX)

FPX Nickel


Keep reading...Show less
Nickel bars.

Nickel Price Update: Q3 2024 in Review

Nickel saw solid price momentum in the first half of the year, benefiting from investor sentiment and speculation across commodity markets that saw surge in prices for both precious and base metals.

However, price highs were short-lived as nickel supply and demand fundamentals provided pressures that saw steep declines.

Among the influences has been a supply of laterite nickel flooding the market out of Indonesia, which is a contributing factor to mine curtailments in New Caledonia, Australia, and Europe. Meanwhile, high demand for battery production in China has yet to reach levels to make up for the oversupply in the market.

Keep reading...Show less
Blackstone Minerals

Blackstone Completes Institutional Component of Entitlement Offer

Blackstone Minerals Limited (“Blackstone” or the “Company”) is pleased to announce that it has completed the institutional component (“Institutional Entitlement Offer” or “Institutional Offer”) of its partially underwritten accelerated non-renounceable pro rata entitlement offer as announced on 4 November 2024 (“Entitlement Offer” or “Offer”).

Keep reading...Show less
Blackstone Minerals

Launch of $4M Accelerated Partially Underwritten Entitlement Offer

Blackstone Minerals Limited (“Blackstone” or the “Company”) is pleased to announce that it is undertaking a partially underwritten accelerated non-renounceable pro rata entitlement offer of new fully paid ordinary shares in the Company (“Shares”) on the basis of one (1) new Share (“New Shares”) for every four (4) existing Shares held, to raise up to approximately A$4 million (before costs) (“Entitlement Offer” or “Offer”).

Keep reading...Show less

Latest Press Releases

Related News

×