TORONTO, Oct. 10, 2019 (GLOBE NEWSWIRE) — Noront Resources Ltd. (“Noront”) (TSX Venture: NOT) announces that payment of interest in the amount of $396,732 for the third 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 1,640,744 common shares of the Company (the “Interest Shares”) at an effective price of $0.2418 per Interest Share. The Interest Shares were delivered on October 10, 2019 subject to a four month hold period, expiring on February 11, 2020.
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 September 30, 2019.
After giving effect to the issuance of the Interest Shares, there are 398,043,478 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
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