TORONTO, ON--(Marketwired - March 17, 2016) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION TO UNITED STATES

Noront Resources Ltd. ("Noront" or the "Company") (TSX VENTURE: NOT) is pleased to announce that further to its press release of March 11, 2016 it has closed its short form prospectus offering (the "Offering") and has raised gross proceeds of $6,332,772 through the issuance of the maximum number of units ("Units") and flow-through units ("Flow-Through Units") under the base deal, as well as the exercise of the over-allotment option, by the Agent.

Noront raised $4,305,522 from the sale of 12,301,492 Units at a price of $0.35 per Unit, with each such Unit consisting of one common share and one common share purchase warrant, each whole warrant entitling the holder to purchase one common share at a price of $0.50 per share on or before March 17, 2019.

In addition, Noront raised $2,027,250 from the sale of 4,505,000 Flow-Through Units at a price of $0.45 per Flow-Through Unit, with each such Flow-Through Unit consisting of one flow through common share ("FT Share") and one-half of one common share purchase warrant, each whole warrant entitling the holder to purchase one common share at a price of $0.55 per share on or before March 17, 2019. The FT Shares will be "flow-through" shares pursuant to the Income Tax Act (Canada).

Secutor Capital Management Corporation (the "Agent") has acted as agent in connection with the Offering.

The Units and Flow-Through Units issued under the Offering were offered by way of a short form prospectus in the provinces of Ontario, British Columbia, Alberta and Nova Scotia. Copies of the final short form prospectus and documents incorporated therein are available electronically under Noront's issuer profile on SEDAR at www.sedar.com.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.