Noront Resources Ltd. (TSXV:NOT) announced that it has entered into an agreement with Dundee Securities Ltd., on behalf of a syndicate including Raymond James Ltd. (the “Agents”) under which the Agents have agreed to offer for sale, on a best efforts private placement basis, flow-through common shares (the “Flow-Through Shares”) at a price of $0.86 per Flow-Through Share for gross proceeds of approximately $3,000,000 (the “Offering”).
As quoted in the press release:
In addition, Noront has granted the Agents an over-allotment option (the “Option”) to sell up to an additional $1,000,000 of the Flow-Through Shares sold pursuant to the Offering, at $0.86 per Flow-Through Share, exercisable at any time prior to 48 hours before the Closing Date of the Offering.
In connection with the Offering, the Agents will receive a cash commission equal to 5.0% of the gross proceeds raised under the Offering (inclusive of the Option). The Closing Date of the Offering is scheduled on or about December 20, 2011.