Noront Closes C$1.54m Private Placement

  • Wednesday, September 9, 2015
  • Source:ferro-alloys.com

  • Keywords:Nickel, Noront, Common shares
[Fellow]The largest landholder in the promising mine camp known as the Ring of Fire, in Northern Ontario, has closed a C$1.54-million financing to advance the development of its Eagle’s Nest project, for exploration in the region and for general working capital.

The largest landholder in the promising mine camp known as the Ring of Fire, in Northern Ontario, has closed a C$1.54-million financing to advance the development of its Eagle’s Nest project, for exploration in the region and for general working capital.

The TSX-V-listed company had issued 2.9-million units at a price of $0.33 a share for gross proceeds of $959500 and 1.53-million flow-through common shares at a price of $0.38 per flow through common share for gross proceeds of $583300.

Each unit consisted of one common share and one half of a common share purchase warrant, with each whole warrant entitling the holder to acquire one common share of Noront for a period of two years from the date of closing at a price of $0.47 per common share.

The flow-through common shares, common shares and warrants comprising the units under the private placement and any common shares issuable upon exercise of the warrants, were subjected to a hold period of four months plus one day, which would expire on January 5, 2016.

Noront had earlier this year scooped-up a majority land position in the district when Cliffs Natural Resources agreed to bow out of the prospective region by selling its claims for $20-million. The deal included a 100% interest in Cliff’s prized Black Thor chromite deposit and a 100% interest in the Black Label chromite deposit.

Noront was currently in the permitting phase of its flagship Eagle’s Nest nickel/copper/platinum group element mine.

  • [Editor:Juan]

Tell Us What You Think

please login!   login   register
  • Buy & Sell

 
Please be logged in to comment!