RCF's Noront Resources to buy Ring of Fire properties for $20 mln
Noront Resources Ltd (TSX-V: NOT), a portfolio company of U.S. private equity firm Resource Capital Funds (RCF), has agreed to acquire shares of subsidiaries of Cliffs Natural Resources Inc (NYSE: CLF). The purchase price is US$20 million. Upon the deal's closing, Noront will hold about 360 mining claims and roughly 65 percent of the emerging mining camp known as the Ring of Fire, located 500 kilometres northeast of Thunder Bay, Ontario. Noront, which is based in Toronto, has existing assets in the region. The company said the transaction will be financed by a loan provided by Canadian gold royalty and stream firm Franco Nevada Corp.
23 March 2015•6 mins read
