This will give them too much power for too small of a SP. They came late to the party, got a BOD spot and now want it all. Why is our SP at .30 when RCF is willing to pay .45 Where is our special meeting date? How is this vote able to be discussed amongst SHs unable to unite against a freindly offer to own a veto amount of shares. We are worth more than RCF has offered for the % of the company they caN END UP WITH.

WILL THE NEXT CEO BE A PUPPET FROM RCF ??????????

The Convertible Loan may be converted into common shares of the Company at the option of RCF at a price of $0.45 cents per share at any time subsequent to the Bridge Loan maturity date and prior to December 31, 2015 (the "Conversion Rights"). 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. Shareholder approval is therefore required to grant the Conversion Rights and is a condition to entering into the Facility (which includes the Conversion Rights) after closing. The Facility requires the Company to hold a special meeting of shareholders to approve the Convertible Loan before the end of April 2013. If the Company's shareholders do not approve the Convertible Loan, then the Facility will mature on the Bridge Loan maturity date and the interest rate will increase to 15% per annum for the period beginning on the date of the special meeting of shareholders and ending on the Bridge Loan maturity date.