Here is some help for your DD:

The original Jan. 14 NR states:

"...- Noront Resources Ltd. is pleased to announce that it has entered into an agreement in principle to issue to certain institutional investors (the "Investors") 2,436,364 common shares of Noront at $2.75 per share for aggregate gross proceeds to the Company of approximately C$6.7 million. The shares will be issued pursuant to a prospectus.

Pursuant to an agreement reached by Noront and the Investors, this offering is being completed in settlement of a dispute related to the validity of the Investors' acceptance of Noront's offer to acquire all of the issued and outstanding securities of Freewest Resources Canada Inc.

Gross proceeds from the sale of the shares will be used to fund corporate and development activities related to the Company's McFaulds Lake project. Closing is anticipated to occur in February, 2010 and is subject to certain customary conditions including, but not limited to, the execution of definitive documentation and receipt of all necessary approvals including the approval of the TSX Venture Exchange..."

The Feb. 23 NR states:

"...Effective Feb. 12, 2010, the company's prospectus dated Feb. 12, 2010, was filed with and accepted by the TSX Venture Exchange, and filed with and receipted by the Ontario Securities Commission, pursuant to the provisions of the Ontario Securities Act.

The TSX Venture Exchange has been advised that closing occurred on Feb. 17, 2010, for gross proceeds of $6,700,001."

So let spread the pieces on the table:

- There are more than one investors (at least 2)

- Investors are Institutions (Funds, ...)

- There was a commitment of some kind from the investors

- The commitment related to the acceptance of the Noront's FWR offer

- A breach was alleged against the Institutions as to this commitment

- The dispute was settled in an Agreement signed between Noront and the Investors

- There has been a Prospectus, and it has been filed with the TSX-V and the OSC

- There exist a (signed) Agreement copy of which should be at Noront's office

- There is a 1.3$ premium at closing date (1$ on 14/01) on the offering, so it clearly is a "disguised penalty"

Get to your homework now, boy!

GLTA.

BB.