Noront Resources Ltd. has appointed Sybil Veenman to its board of directors. Ms. Veenman is a senior mining executive with over 20 years of experience, and most recently served as Senior Vice-President and General Counsel at Barrick Gold Corporation.
"Sybil Veenman was a member of the Barrick Gold executive team for many years and in that capacity she was involved in a wide range of operational, regulatory, political and social aspects of the mining business," said Paul Parisotto, Chairman of the Board of Noront Resources. "The breadth of her knowledge and experience both as legal counsel and in managing business opportunities and issues for a large global mining and exploration company will be an important addition to the Noront Board of Directors. We're extremely pleased to welcome her to the Noront team."
"Development in the Ring of Fire presents some interesting challenges," said Sybil Veenman. "Noront is known for taking a progressive approach that considers its own business objectives while also showing sensitivity to the environment and interests of First Nations. In 2014, I was part of a delegation that visited a remote First Nations community in Northern Ontario and I saw firsthand how difficult life can be. I look forward to being part of a team that will help those communities share in the benefits that responsible mining development can bring."
Noront's Board of Directors has granted Ms. Veenman options to acquire an aggregate of 300,000 common shares of Noront with an exercise price of $0.35 per common share, the closing market price on the date of the grant, August 25, 2015, exercisable for a period of five years. The options were granted pursuant to Noront's stock option plan and are subject to all applicable regulatory and stock exchange approvals.
Noront also announces its intention to issue, by way of a non-brokered private placement, up to 3,000,000 Units at a price of $0.33 per Unit for aggregate proceeds of up to $990,000 and up to 1,500,000 flow-through shares at a price of $0.38 per flow through share for aggregate proceeds of up to $570,000. Each Unit will consist of one common share and one half of a common share purchase warrant, with each whole warrant entitling the holder to acquire one common share of Noront for a period of two years from the date of closing at a price of $0.47 per common share.
Completion of the private placement will be subject to the receipt of all necessary regulatory and stock exchange approvals. Noront expects to complete the private placement by the middle of September, 2015.
