NOTONCE's Profile
NOTONCE's Posts
* Says to sell 8 mln units at C$4.95/unit
* 1 unit comprises 1 shr and one-half of warrant for 1 shr
* To use proceeds to advance Rainy River Gold project
Feb 1 (Reuters) - Canadian mineral exploration company Rainy River Resources Ltd <RR.V> said it will raise C$40 million in a bought deal private placement of units for advancing its Rainy River Gold project in Northwestern Ontario.
The company said it agreed to sell about 8 million units, each unit comprising of one common share and one-half of a warrant to buy one common share, at C$4.95 per unit to a syndicate of underwriters led by Wellington West Capital Markets Inc.
Each whole warrant will entitle the holder to acquire one additional share at a price of C$7.10 a share for a period of 24 months following the closing of the offering, Rainy River said in a statement.
Net proceeds of the offering, which is expected to close on or about Feb. 24, will also be used for working capital purposes, the company said.
The underwriters will have an over-allotment option of 2 million units.
Shares of the company closed at C$5.15 Monday
Sorry it has already been posted.
Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) announced today that it supports the actions of the Marten Falls First Nation ("MFFN") at the Ring of Fire, located in the James Bay Lowlands. MFFN announced today that they are implementing a logistics halt, which will deny companies operating in the Ring of Fire access to the ice landing strip at Kopper Lake. MFFN indicated that this denial of service, which MFFN undertook with the support of other communities in the area, will be in place for an indefinite period.
Noront notes that MFFN and other First Nation communities in the area, have become increasingly concerned by the lack of consultation with their communities concerning development in the Ring of Fire and a disregard for their environment.
Noront notes that it has been its policy from the beginning to actively work with and communicate with the First Nations communities impacted by the Company's exploration activity in the Ring of Fire. Noront has been actively canvassing the local First Nations communities and the provincial government to initiate round table negotiations between industry, First Nations leaders and provincial government ministries to establish a long term, viable development plan that brings the maximum benefit to the most people in this exciting mineral district.
Noront's CEO, Wes Hanson states: "We are very concerned that our community partners feel that their only recourse is to deny logistical access to the ice strip at Kopper Lake to all companies in the Ring of Fire. It is our understanding that the events that precipitated this denial of service were not due to any specific action on the part of Noront, however, as the only exploration company currently active in the Ring of Fire, Noront is inconvenienced by this action. Noront has respected and honoured MFFN by signing an agreement compensating them for exploration work we've completed on their traditional lands. We have undertaken several initiatives regarding education and youth within the MFFN community and we remain committed to building a strong and stable relationship in the future. We are therefore not, at this time, taking any action to limit the protest. We will adjust our exploration effort accordingly and we do not believe that this action will limit or otherwise disrupt our development plans at McFauld's Lake. The denial of service, to our knowledge, does not limit our ability to continue active work programs in the area. We remain committed to maintaining a close working relationship with MFFN and the other communities in the Ring of Fire. I have contacted Chief Moonias to advise him that while we consider the denial of service at Kopper Lake to be unfair to Noront, we will abide by the denial of service."
About Noront
Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for 2010. All material information on Noront can be found on the Company's website at www.norontresources
The K2 Principal Fund L.P. acquires common shares of Freewest Resources Canada Inc.6 minutes ago via CNW Group
The K2 Principal Fund L.P. ("K2") announced that it has acquired common shares of Freewest Resources Canada Inc. (FWR). As a result of the acquisition of such shares, K2 owns 21,044,500 common shares, representing approximately 9.79% of the issued and outstanding common shares of FWR.
The common shares were purchased by K2 in the open market on the Toronto Stock Exchange. K2 acquired the securities for investment purposes only and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over, or exercise its current rights to acquire, common shares or other securities of FWR through market transactions, private agreements or otherwise.
%SEDAR: 00003457E
SOURCE: K2 Principal Fund L.P.
Daniel Gosselin, The K2 Principal Fund L.P., (416) 365-2155