/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: 154,578,457
Fully Diluted: 161,033,457
TORONTO, Aug. 10 /CNW/ - Noront Resources Ltd. ("Noront") (TSX Venture:
NOT) has been advised that its syndicate of agents, led by Wellington West
Capital Markets Inc. (the "Agents") and including Dundee Securities
Corporation, Genuity Capital Markets, Clarus Securities Inc. and IBK Capital
Corp. has received commitments for its previously announced $20 million
private placement offering of flow-through common shares ("Flow-Through
Noront has, subject to regulatory approval, granted the Agents, an option
to offer for sale, on a best efforts basis, up to an additional $5 million of
Flow-Through Shares at the offering price of $2.80 per share.
Closing of the sale of the additional Flow-Through Shares shall take
place concurrently with the closing of the sale of the Flow-Through Shares,
which is anticipated to occur on or about August 26, 2009. 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.
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 and well financed
drill plan for 2009. All material information on Noront may be found on the
company website www.norontresources.com or on SEDAR www.sedard.com.
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: please contact Joanne Jobin, Vice President
Corporate Communications at (416) 367-1444 ext 126, or visit Noront's website