Source: Noront Resources
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  • Noront Resources (NOT) has completed its private placement financing of 21,659,385 common shares
  • The shares were priced at $0.283 for gross proceeds of approximately $6.1 million
  • Wyloo Canada Holdings Pty Ltd. subscribed for an additional 12,744,363 common shares, generating an additional $3.6 million
  • Gross proceeds from the offering totalled approximately $9.7 million
  • Baosteel Resources International Co. Ltd. has until July 5, 2022, to acquire an additional 1,966,125 shares
  • Noront Resources Ltd. is a mining company
  • Noront Resources Ltd. (NOT) is down 0.78 per cent, trading at C$0.318 per share at 10:45 am ET

Noront Resources (NOT) has completed its private placement financing of 21,659,385 common shares.

The shares were priced at $0.283 for gross proceeds of approximately $6.1 million.

In connection with the offering, Wyloo Canada Holdings Pty Ltd. exercised its top-up right to maintain its equity interest in the company by subscribing for an additional 12,744,363 common shares. 

The top-up generated additional gross proceeds of approximately $3.6 million.

Gross proceeds from the offering totalled approximately $9.7 million.

Baosteel Resources International Co. Ltd. has until July 5, 2022, to exercise its top-up right by acquiring an additional 1,966,125 shares for additional gross proceeds of approximately $0.55 million. 

The common shares issued will not be subject to a statutory hold period in accordance with applicable securities laws. The Wyloo Top-Up Shares are subject to a hold period of four months and one day from the date of issuance.

TD Securities Inc. acted as agent and financial advisor to Noront in connection with the Private Placement and received a cash commission equal to 3% of the gross proceeds raised from the Private Placement.

The Private Placement remains subject to the final approval of the TSX Venture Exchange.

Noront Resources Ltd. is a mining company engaged in the exploration, development, and acquisition of properties prospective in base and precious metals.

Noront Resources Ltd. (NOT) is down 0.78 per cent, trading at C$0.318 per share at 10:45 am ET.

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