Noront strikes deals to extend debt funding, sell royalty to RCF
Noront Resources Ltd (TSX-V: NOT) has amended an agreement with its largest investor, U.S. private equity firm Resource Capital Funds (RCF), that extends a US$15 million convertible debenture. Additionally, the company has agreed to sell RCF a royalty equal to one percent of the net smelter returns from the sale of all metals and minerals derived from its Eagle’s Nest deposit for US$2.5 million. The sale's proceeds will be used in part to satisfy the repayment of a bridge loan with RCF. Toronto-based Noront acquires, explores and develops mineral properties with a focus on the Ring of Fire in Northwestern Ontario.
5 January 2016•4 mins read
