/THIS PRESS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES/
Shares Outstanding: 163,631,957
Fully Diluted: 173,461,957
TORONTO, Aug. 26 /CNW/ - Noront Resources Ltd. ("Noront") (TSX Venture:
NOT) is pleased to announce the completion of the private placement financing
originally announced on August 6, 2009. Noront issued 8,928,500 flow-through
common shares ("Flow-Through Shares") at a price of $2.80 per Flow-Through
Share to raise gross proceeds of $24,999,800 (the "Offering").
Wellington West Capital Markets Inc. ("WWCM") acted as book-runner and
lead agent on behalf of a syndicate of agents including Dundee Securities
Corporation, Genuity Capital Markets, Clarus Securities Inc. and IBK Capital
Corp. (together with WWCM, the "Agents"). Noront paid a cash fee to the Agents
equal to 5% of the gross proceeds of the Offering.
The Flow-Through Shares issued pursuant to the Offering are subject to a
statutory hold period which expires on December 27, 2009.
Gross proceeds from the sale of the Flow-Through Shares will be used to
fund ongoing exploration activities on Noront's McFauld's Lake project. These
activities will be eligible for Canadian exploration expenses and renounced in
favour of the subscribers of the Flow-Through Shares effective on or before
December 31, 2009.
The securities being offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States in the absence of registration or an applicable exemption from
the registration requirements. This press release does not constitute an offer
to sell or the solicitation of an offer to purchase securities in the United
States. The TSX Venture has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
About Noront Resources
Noront Resources is focused on its McFauld's Lake Project, which include
significant and multiple, high-grade nickel-copper-platinum-palladium,
chromite and vanadium discoveries in an area known as the "Ring of Fire", an
emerging multi-metals district located in the James Bay Lowlands of Ontario,
Canada. Noront is the dominant land holder at the Ring of Fire and continues
to delineate and prove up its discoveries with NI 43-101 technical and
economic reports and an aggressive and well financed drill plan for 2009 and
2010. All material information on Noront may be found on the company website
www.norontresources.com or on SEDAR www.sedar.com.
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of
applicable Canadian securities legislation, including predictions, projections
and forecasts. Forward-looking statements include, but are not limited to,
statements that address activities, events or developments that the Company
expects or anticipates will or may occur in the future, including such things
as future business strategy, competitive strengths, goals, expansion, growth
of the Company's businesses, operations, plans and with respect to exploration
results, the timing and success of exploration activities generally,
permitting time lines, government regulation of exploration and mining
operations, environmental risks, title disputes or claims, limitations on
insurance coverage, timing and possible outcome of any pending litigation and
timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by
the use of words such as "plans", "planning", "planned", "expects" or "looking
forward", "does not expect", "continues", "scheduled", "estimates",
"forecasts", "intends", "potential", "anticipates", "does not anticipate", or
"belief", or describes a "goal", or variation of such words and phrases or
state that certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: please contact Joanne Jobin, Vice President
Corporate Communications at (416) 367-1444 ext 126, or visit Noront's website