that the Company’s shareholders approved the Convertible Loan including the creation of a new
“Control Person” and By-Law No. 2 which allows the board of directors to borrow on behalf of the
Company at the Special Meeting of Shareholders held on April 30, 2013.
As more particularly described in the Company’s press release dated February 26, 2013, Noront
entered into a loan facility with Resource Capital Fund V L.P. in the aggregate principal amount of
US$15.0 million (the “Facility”). The Facility is a one year bridge loan (the “Bridge Loan”) which
matures on February 25, 2014 and automatically rolls into a convertible loan (the “Convertible
Loan”) with a maturity date of December 31, 2015, if the Facility is not repaid prior to the Bridge
Loan maturity date.
The issuance of the conversion rights and interest shares under the Convertible Loan required
shareholder approval since the issuance will create a new “Control Person”, on such terms as
more particularly described in the Management Information Circular of the Company dated March
26, 2013. Prior to entering into the Facility, the Company’s board of directors approved By-Law
No. 2 which is a borrowing by-law and provides the board of directors with the ability to borrow
money on behalf of the Company.
LTGoldBull12 above was published on May 1/2013 on Sedar site and shareholders approved RCF crossing 20% treshold. Hope that will be enough for you. Fossil
