Noram Ventures Inc. Announces Financing
10.02.2016 | FSCwire
Vancouver (FSCwire) - Noram Ventures Inc. (TSX-V: NRM) ("Noram" or the "Company") announces that it intends to carry out a non-brokered private placement financing to raise gross proceeds of up to $500,000 (the "Financing").The Financing will consist of up to 25,000,000 units of the Company (each, a "Unit") at a price of $0.02 per Unit. Each Unit will consist of one common share and a transferable warrant (each, a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.05 per share for a period of 24 months following the closing date.
The majority of the net proceeds from the Financing will be used for general working capital purposes. The Company has budgeted approximately 11% of the proceeds to complete due diligence on potential projects. Additionally, no proceeds will be used to pay any related parties of the Company.
The Financing was granted a discretionary pricing wavier by the TSX Venture Exchange and is subject to TSX Venture approval. All securities issued in connection with the Financing will be subject to a four-month hold period in accordance with securities regulation.
The Financing was re-priced from $0.015 per Unit, as announced earlier today, to comply with the policies of the TSX Venture Exchange.
About Noram Ventures Inc.:
Noram Ventures Inc. (TSX-V: NRM) is a Canadian based company with a project generator business model. Although the Company’s primary business focus since formation has been the exploration of mineral properties it is now seeking new business opportunities that offer the potential for near term cash flow to create shareholder value. For further information, please visit www.noramventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Mark R. Ireton”
President & Director
Corporate Communications contact:
Noram Ventures Inc.
Greg Lytle
Direct: (604) 839-6946,
Email: info@noramventures.com
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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