Shares Outstanding: 154,578,457
Fully Diluted: 161,033,457
TORONTO, Aug. 6 /CNW/ - Noront Resources Ltd. ("Noront") (TSX Venture:
NOT) is pleased to announce that it has entered into an agreement with a
syndicate of agents led by Wellington West Capital Markets Inc. (the "Agents")
under which they have agreed to offer for sale, on a best efforts basis,
flow-through common shares of Noront ("Flow-Through Shares") at $2.80 per
share for aggregate gross proceeds of approximately $20 million. All sales of
Flow-Through Shares will be made on a private placement basis pursuant to
exemptions from the prospectus requirements of applicable securities laws.
Gross proceeds from the sale of the Flow-Through Shares will be used to
fund ongoing exploration activities on the Company'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.
Closing is anticipated to occur on or about August 26, 2009 and is
subject to certain conditions including, but not limited to, the receipt of
all necessary approvals including the approval of the TSX Venture Exchange.
The Flow-Through Shares will be subject to a four-month hold period. The
Agents will be entitled to a cash commission equal to 5% of the gross proceeds
of the offering.
About Noront Resources
Noront Resources is focused on its 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 drill plan for
ON BEHALF OF THE BOARD OF DIRECTORS:
"Wesley (Wes) C. Hanson
President & Chief Executive Officer"
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: Joanne Jobin, Vice President Corporate
Communications at (416) 367-1444 ext 126, or visit Noront's website at: