DENVER, CO, Oct. 13, 2015 /CNW/ – Resource Capital Fund V L.P. (“RCF“) reports that on October 13, 2015, in connection with a previously announced secured convertible loan facility and a previously announced bridge loan facility, together in the aggregate principal amount of US$17 million (together, the “Facilities“), and in satisfaction of interest and principal payment obligations under the Facilities, RCF acquired ownership of 1,387,135 additional common shares (“Facility Shares“) in the capital of Noront Resources Ltd. (“Noront“). The Facility Shares were acquired at a deemed price of C$0.3435/share.

The Facility Shares collectively represent 0.6% of the issued and outstanding common shares in the capital of Noront.

As of the close of business today, RCF owns in the aggregate, a total of 54,122,542 common shares of Noront, representing approximately 21.9% of the issued and outstanding common shares in the capital of Noront. Prior to acquiring the Facility Shares, RCF owned 52,735,407 Noront common shares, or approximately 21.3% of the issued and outstanding Noront common shares.  

RCF acquired the Facility Shares for investment purposes. Depending on market conditions and other factors, including additional future conversions of interest payments under the Facilities or the exercise of previously issued convertible securities, RCF may from time to time acquire additional securities of Noront or dispose of securities of Noront in the open market, by private agreement, or otherwise.

RCF’s ownership figures in this press release of Noront common shares are presented on a non-diluted basis and prior to giving effect to any conversion or exercise of any outstanding Noront convertible securities held by RCF or other subscribers.