Ontario’s Ring of Fire
JOHANNESBURG (miningweekly.com) – TSX-V-listed exploration company Noront Resources plans to raise $2.4-million in a private placement of 4.8-million flow-through common shares at a price of $0.50 apiece.
The proceeds would be used to continue exploration efforts in Ontario’s “highly prospective” Ring of Fire (RoF) mining district and would be used to fund Canadian exploration expenses (CEE), with the company to use “best efforts” to qualify such CEE as “flow-through mining expenditures”.
Capital management corporation Secutor would receive a cash finder's fee equal to 6% of the gross proceeds.
Noront said it would also issue 50 000 common shares at a price of $0.40 each in satisfaction of an advance royalty payment due on one of its properties outside of the RoF, which was acquired as a result of the previous acquisition of the RoF chromite properties.