Thunder Bay – BUSINESS – Noront Resources Ltd. (“Noront” or the “Company”) (TSXV: NOT) announces the issuance of 96,150,000 common shares of the Company (the “Conversion Shares”) in full satisfaction of its US$15 million amended and restated loan agreement (the “Loan Agreement”) held by Wyloo Canada Holdings Pty Ltd. (Wyloo). The number of shares were derived using the USD – CAD exchange rate on the day prior to the effective date of conversion being September 22, 2021 and using the conversion price of $0.20 per share as stipulated in the Loan Agreement.
The Company will also be paying the final interest payment due under the loan agreement of $350,789 for the period from July 1, 2021 to September 22, 2021 by the delivery of 468,969 common shares of the Company (the “Interest Shares”) at an effective price of $0.748 per Interest Share, subject to Exchange acceptance. The Interest Shares will be subject to a four month hold period expiring on February 2, 2022.
The calculation of the number of Interest Shares to be issued is based on the volume weighted average trading price of the common shares of the Company during the 20 trading days prior to September 22, 2021.
After giving effect to the issuance of the Conversion and Interest Shares, there will be 559,536,300 common shares of the Company issued and outstanding and Wyloo will hold a direct interest of 37.25% in the Company.
About Noront Resources
Noront Resources Ltd. is focused on the development of its high-grade Eagle’s Nest nickel, copper, platinum and palladium deposit and the world class 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