Ring of Fire Updates Weekly News Roundup

October 27 – November 2, 2019 : Weekly News Roundup

The text "What's the Media Saying? Ring of Fire News Round-Up, October 27-November 2 2019", overlaid on top of a photo of the Attawapiskat River as a storm approaches.

Announcements from this week were all about money. Noront arranged a non-brokered private placement and also extended its debt arrangement with Resource Capital Fund, one of its biggest sources of capital. An article was also released calling into question the commonly-cited claim that Ontario’s Ring of Fire is worth $60 billion. These two things are related, because Noront Resources’ ability to continually extend its debt and rely on the stock market to fund its existence (until it’s able to generate an actual profit through multiple operating mines) is reliant on investors and lenders’ confidence that there is actually billions of dollars worth of profit to be made in the Ring of Fire. If that confidence starts to shake, Noront might find itself unable to continue in its pursuit of these projects.

October 28, 2019 (The Globe and Mail):

The road to nowhere: Claims Ontario’s Ring of Fire is worth $60-billion are nonsense

Unfortunately this article is behind a paywall. The basic summary is…

Click here for the link.

October 28, 2019 (Sault Online):

My conversation with Alan Coutts, CEO Noront Resources

“I asked Noront CEO Alan Coutts last week post the Noront townhall regarding concerns about the plant being built here in the Soo, and its environmental spinoff. His assessment about the turnout was  “it was what was needed; we had, I would say about a couple hundred people come through, and it wasn’t the ones that were satisfied with the regulators role or confident with the process” (they for the most part didn’t attend).” Read more here…

October 28, 2019 (Noront Press Release):

Noront announces non-brokered private placement of up to C$2.5 million

“Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to announce a non-brokered private placement of any combination of units of the Company (the “Units”) at a price of C$0.20 per Unit and flow-through shares of the Company (the “FT Shares”) at a price of C$0.25 per FT Share for gross proceeds of up to approximately C$2,500,000 (the “Private Placement”).” Read more here…

October 29, 2019 (Resource World):

Noront raising $2.5 million for Ring of Fire

“Noront Resources Ltd. [NOT-TSXV] said Monday it has arranged a $2.5 million non-brokered private placement. It said proceeds with be used for exploration and development of the company’s Eagle’s Nest Project and chromite deposits in the Ring of Fire mineral district in northern Ontario. […] On Monday, Noront said it has arranged a non-brokered private placement of any combination of units of the company at a price of 20 cents per unit and flow through shares of the company at 25 cents per share. Gross proceeds are expected to be approximately $2.5 million, the company said.” Read more here…

November 1, 2019 (Noront Press Release):

Noront extends debt arrangement with RCF

“Noront Resources Ltd. (“Noront” or “the Company”) (TSX Venture: NOT) is announcing that it has entered into a seventh amending agreement dated October 31, 2019 (the “Seventh Amending Agreement”) with its largest shareholder, Resource Capital Fund V L.P. (“RCF V”), to extend the term of its existing US$15 million convertible debenture (the “Convertible Debenture”).” Read more here…

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