Noront Resources Announces Addition to the Board of Directors and Proposed Private Placement
TORONTO, ON--(Marketwired - August 31, 2015) - Noront Resources Ltd. ("Noront") (TSX VENTURE: NOT) is pleased to announce the appointment of Sybil Veenman to its Board of Directors. Ms. Veenman is a senior mining executive with over 20 years of experience, and most recently served as Senior Vice-President and General Counsel at Barrick Gold Corp..
"Sybil Veenman was a member of the Barrick Gold executive team for many years and in that capacity she was involved in a wide range of operational, regulatory, political and social aspects of the mining business," said Paul Parisotto, Chairman of the Board of Noront Resources. "The breadth of her knowledge and experience both as legal counsel and in managing business opportunities and issues for a large global mining and exploration company will be an important addition to the Noront Board of Directors. We're extremely pleased to welcome her to the Noront team."
"Development in the Ring of Fire presents some interesting challenges," said Sybil Veenman. "Noront is known for taking a progressive approach that considers its own business objectives while also showing sensitivity to the environment and interests of First Nations. In 2014, I was part of a delegation that visited a remote First Nations community in Northern Ontario and I saw firsthand how difficult life can be. I look forward to being part of a team that will help those communities share in the benefits that responsible mining development can bring."
Noront's Board of Directors has granted Ms. Veenman options to acquire an aggregate of 300,000 common shares of Noront with an exercise price of $0.35 per common share, the closing market price on the date of the grant, August 25, 2015, exercisable for a period of five years. The options were granted pursuant to Noront's stock option plan and are subject to all applicable regulatory and stock exchange approvals.
Noront also announces its intention to issue, by way of a non-brokered private placement, up to 3,000,000 Units at a price of $0.33 per Unit for aggregate proceeds of up to $990,000 and up to 1,500,000 flow-through shares at a price of $0.38 per flow through share for aggregate proceeds of up to $570,000. Each Unit will consist of one common share and one half of a common share purchase warrant, with each whole warrant entitling the holder to acquire one common share of Noront for a period of two years from the date of closing at a price of $0.47 per common share.
Completion of the private placement will be subject to the receipt of all necessary regulatory and stock exchange approvals. Noront expects to complete the private placement by the middle of September, 2015.
About Noront Resources
Noront Resources Ltd. is focused on development of the high-grade Eagle's Nest nickel, copper, platinum and palladium deposit and the high-grade 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.
Forward-looking information is based on reasonable assumptions that have been made by Noront as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Noront to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; that all conditions precedent to the transactions will be met; risks related to government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations (including those contained in the Feasibility Study) and changes in project parameters as plans continue to be refined; problems inherent to the marketability of base and precious metals; industry conditions, including fluctuations in the price of base and precious metals, fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Noront; stock market volatility; competition; risk factors disclosed in Noront's most recent Management's Discussion and Analysis and Annual Information Form, available electronically on SEDAR; and such other factors described or referred to elsewhere herein, including unanticipated and/or unusual events. Many such factors are beyond Noront's ability to control or predict.
Although Noront has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate as actual results and future events could differ materially from those reliant on forward-looking information.
All of the forward-looking information given in this press release is qualified by these cautionary statements and readers are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. Noront disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. This forward-looking information should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.
Contact
For more information please contact:
Janice Mandel
janice.mandel@stringcom.com
(647) 300-3853