TORONTO (miningweekly.com) – Noront Resources, the largest landholder in the promising mine camp known as the Ring of Fire, in Northern Ontario, has closed C$1.54-million in financing to advance the development of its Eagle's Nest project for exploration in the region and for general working capital.
The TSX-V-listed company had issued 2.9-million units at a price of $0.33 a share for gross proceeds of $959 500 and 1.53-million flow-through common shares at a price of $0.38 a flow through common share for gross proceeds of $583 300.
Each unit consisted 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 a common share.
The flow-through common shares, common shares and warrants comprising the units under the private placement and any common shares issuable upon exercise of the warrants were subject to a hold period of four months and one day, which would expire on January 5, 2016.
Noront had earlier this year scooped-up a majority land position in the district when Cliffs Natural Resources agreed to bow out of the prospective region by selling its claims for $20-million. The deal included a 100% interest in Cliffs' prized Black Thor chromite deposit and a 100% interest in the Black Label chromite deposit.
Noront was currently in the permitting phase of its flagship Eagle’s Nest nickel/copper/platinum group element mine.