TORONTO, ONTARIO August 6, 2009, 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 2009.
For further information please contact Joanne Jobin, Vice President Corporate Communications at (416) 367-1444 ext 126, or visit Noront’s website at: http://www.norontresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Wesley (Wes) C. Hanson
President & Chief Executive Officer”