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This is great, overdue news. Just having the company name in the news for positive reasons and today's volume could do excellent work for us.
That (inconsequential, at the time) insider buy from just a few days ago is looking pretty brilliant now!
Here is a link to a roundtable discussion happening in North Bay on May 12th as part of North Bay Mining Week. Many of the key players will be there, but not all.
http://www.northbayminingweek.ca/#!round-table/sksqv
If anyone attends, maybe they can provide the group with a summary.
Not sure if this could have an impact on the ROF, but we all know how much discussion the hydro debate has been in the area.
TORONTO -- Ontario's newly privatized Hydro One electric utility has a $373-million deal to buy Great Lakes Power Transmission, which operates north and east of Sault Ste. Marie, Ont.
Hydro One (TSX:H) says it will acquire Great Lakes Transmission from various entities controlled by Brookfield Infrastructure, which is part of a Toronto-based asset management group.
The former provincial Crown corporation will pay $222 million in cash and assume $151 million of outstanding debt owed by Great Lakes, which has 15 transmission stations and 560 kilometres of transmission lines.
Once the deal closes, Hydro One will operate about 98 per cent of Ontario's transmission capacity.
http://www.torontosun.com/2016/01/29/hydro-one-to-expand-presence-in-nw-ontario-buy-great-lakes-transmission
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.
I would have to disagree with you about the ROF reference.
Just about everything NORCAT does is geared towards the big dollars it gets from Vale and Glencore in Sudbury. A huge percentage of their revenue is based on the dollars from all employees and contractors having to do their orientations through NORCAT.
The small companies in the ROF will not utilize NORCAT for this. They will do their own. You are not going to have every employee go to Sudbury or Timmins for a day and sit infront of a computer screen, like is done with Vale.
They have recently opened an office in Timmins, but their only client there thus far is Lake Shore Gold.
Jonesy
Lockerby Mine employees turned away at the gate
Updated - August 20th, 2015 11:40am: Reports are this morning that employees of Lockerby Mine were turned away at the gate this morning and told by security that the mine was closed.
First nickel issued layoff notices in June reducing it's permanent employees by approximately 30% and reduced it's contractors by 75%.
First Nickel reported a second quarter loss of 33.1 million dollars.
The company issued a statement this morning saying that their principle lender, Resource Capital Fund V L.P. (“RCF V”), "has demanded repayment of all of the obligations owing to it by the Corporation and issued a notice of intention to enforce its security under the Bankruptcy and Insolvency Act (Canada) (the “BIA”). RCF V has brought an application for the appointment of KSV Kofman Inc. as a receiver of First Nickel under the BIA and the Courts of Justice Act (Ontario)."
"Following discussions between the Corporation and RCF V, the directors of First Nickel have consented to the early enforcement by RCF V of its security and to the appointment of a receiver over the property of First Nickel. The application for the appointment of a receiver is being heard today in Toronto at the Ontario Superior Court of Justice (Commercial List). Further information will be provided in due course."
Representative with the union say that FNI has assured them that employees will receive their pay cheques and any vacation pay owing to them on Thursday. The union also says it negotiating employee severance. They also that while employees of the mine wouldn't have accumulated the 30 years to collect a pension, however the time is portable and carry over to another workplace