Re: non-dilutive $15 million financing

HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Peter Marshall

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Re: non-dilutive $15 million financing

in response to

Re: non-dilutive $15 million financing

ELMIRA FISHERMAN

posted on Feb 26, 2013 08:30PM

Yes.

From the NR:

"RCF has an existing equity ownership interest in Noront of approximately 18%. If the Bridge Loan rolls into the Convertible Loan then, on a partially diluted basis, RCF's equity ownership interest will exceed 20% of the total number of outstanding shares of the Company."

RCF % ownnership will be closer to 21.x %; and cost of loan will be apprx. 1.8M shares....... i think.