FINANCING: Noront, Baosteel ink deal for Ring of Fire projects

ONTARIO - Noront Resources of Toronto and Baosteel Resources International, owned by the Chinese government, have signed a binding term sheet for a non-brokered private placement that will put $17.4 million into Noront's treasury. The proceeds...

ONTARIO - Noront Resources of Toronto and Baosteel Resources International, owned by the Chinese government, have signed a binding term sheet for a non-brokered private placement that will put $17.4 million into Noront's treasury. The proceeds will be used to advance the feasibility studies on the Eagle's Nest nickel-copper-platinum deposit and the Blackbird chromite deposit in the James Bay Lowlands.

Noront will issue units, each worth $0.86, to Baosteel. Each unit will consist of one common share and one-half of one common share purchase warrant. If Baosteel exercises all its warrants, Noront will receive an additional $11.7 million. In that case, Baosteel would own a 14.15% interest in Noront. The offering also allows Baosteel to nominate one individual to Noront's board of directors.

Noront holds mineral title to the largest area in the Ring of Fire, an emerging multi-metals district in northern Ontario. The Eagle's Nest and Blackbird chromite deposits are part of Noront's McFaulds Lake project.

Please visit www.NorontResources.com.

Comments

Your email address will not be published. Required fields are marked *

  • Aug 12 2021 - Aug 13 2021
    Aug 17 2021 - Aug 18 2021
    Aug 25 2021 - Aug 26 2021
    Sep 07 2021 - Sep 09 2021