GS40 posted:
Marten Falls First Nation Shares
Noront is issuing 111,111 common shares to Marten Falls First Nation. These shares are part of an exploration and pre-development agreement with our First Nation partner announced on April 13, 2017. The common shares are subject to a statutory hold period of four months plus one day which will expire on October 5, 2018.
Keep that date on your radar, interesting to see if they hang on to the shares or simply turn around and dump them the day the are free trading.
GS40
Is it 311,111 or 111,111 shares to be issued ? Is there a typo in this announcement above ?
Noront Resources and Marten Falls First Nation Sign Exploration and Project Advancement Agreement
TORONTO, ON–(Marketwired – April 13, 2017) – Noront Resources Ltd. (“Noront” or “the Company”) (TSX VENTURE: NOT) today announced that it has signed an Exploration and Project Advancement Agreement with the Marten Falls First Nation (MFFN). The Agreement compensates MFFN for work that has been completed on their traditional land and outlines a one year process that will be used to negotiate a Pre-Development Agreement for the Eagles Nest nickel-copper-platinum-palladium mine located in northern Ontario.
As part of the Agreement, and by fulfilling certain obligations and arrangements, MFFN becomes a shareholder of Noront Resources. The Company has agreed to issue 311,111 shares of Noront stock valued at $0.225, the closing price on April 12, 2017, subject to TSX Venture approval.
Chief Bruce Achneepineskum described the agreement as “a step towards a prosperous and sustainable future for both the youth and community of Marten Falls First Nation.”
“We are excited to be taking this next step with our friends in Marten Falls,” said Noront President and CEO Alan Coutts. “It marks the beginning of a long-term relationship that will provide opportunity and mutual benefits for both parties.”
Link: http://norontresources.com/noront-resources-and-marten-falls-first-nation-sign-exploration-and-project-advancement-agreement/
TM.
