TORONTO, Sept. 03, 2019 (GLOBE NEWSWIRE) — Noront Resources Ltd. (“Noront” or the “Company”) announces the issuance of 300,000 shares to Marten Falls First Nation and 150,000 shares to Aroland First Nation. The share issuance was under the terms of a Project Advancement Agreement with Marten Falls First Nation originally entered into by the Company on April 12th, 2017 and as amended on July 9th, 2019 and under the terms of a Memorandum of Understanding with Aroland First Nation entered into by the Company on June 6, 2019. The shares were delivered on August 20th, 2019 are subject to a four-month holding period, expiring on December 21, 2019.
The Company announces that it has received the conditional approval of the TSX Venture Exchange to extend the expiry date of a total of 24,466,336 common share purchase warrants of the Company (the “Warrants”). A total of 19,553,850 unit warrants (the “Unit Warrants”) and 1,912,486 flow-through unit warrants (the “Flow-Through Unit Warrants”) were originally issued pursuant to a public offering of the Company, which closed on September 23, 2016 and 3,000,000 unit warrants (the “Private Placement Warrants”) were originally issued pursuant to a private placement financing which closed on September 28, 2016. The Unit Warrants and Private Placement Warrants are exercisable for common shares of the Company at a price of $0.40 per common share and the Flow-Through Unit Warrants are exercisable for common shares of the Company at a price of $0.50 per common share. The Unit Warrants and Flow-Through Unit Warrants are set to expire on September 23, 2019. The Private Placement Warrants are set to expire on September 28, 2019. The Company is proposing to extend the expiry date of the Warrants by an additional twelve months to September 23, 2020 and September 29, 2020, respectively. All other terms of the Warrants, including the exercise price, will remain the same. The proposed term extension of the Warrants is conditional upon the receipt of TSX Venture Exchange final approval.
The Company announces that payment of interest in the amount of $392,421 for the second quarter of 2019 pursuant to a loan agreement entered into between Noront and Resource Capital Funds V L.P. (“RCF”) dated February 26, 2013 (the “Loan Agreement”) has been satisfied by delivery of 1,649,938 common shares of the Company (the “Interest Shares”) at an effective price of $0.2378 per Interest Share. The Interest Shares were delivered on July 10, 2019 subject to a four month hold period, expiring on November 11, 2019.
The calculation of the number of Interest Shares issued was based on the volume weighted average trading price of the common shares of the Company during the 20 trading days prior to June 30, 2019.
After giving effect to the issuance of the Interest Shares, there are 395,619,401 common shares of the Company issued and outstanding.
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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