TORONTO, ONTARIO–(Marketwired – Sept. 24, 2013) – Noront Resources Ltd. (“Noront” or the “Company”) (TSX VENTURE:NOT) the board of directors (“Board“) of Noront announced today that Alan Coutts has been appointed as President and Chief Executive Officer and a director of the Company effective October 1, 2013.
Mr. Coutts is a mining executive with over 25 years of experience in all aspects of exploration, feasibility, construction and production of mineral deposits. He has worked both domestically and abroad in a variety of roles and across multiple commodities. Most recently, he was the Managing Director of Xstrata Nickel Australasia based in Perth, Australia. He was General Manager at the Brunswick Mine, Canada before relocating to Australia. Previous to that, Mr. Coutts occupied roles that included General Manager, Manager of Mining, Chief Geologist and Regional Exploration Manager, mostly with Falconbridge. Mr. Coutts holds an Honours degree in Geology from the University of Alberta and has Professional Geoscientist (P.Geo) status in the province of Ontario.
In announcing the appointment, the Chairman and interim Chief Executive Officer of Noront, Paul Parisotto, stated “We believe we have found in Alan a Chief Executive Officer who has a wealth of operating experience as well as managerial and strategic talent. He has developed and operated mines in remote regions world-wide, working closely with local stakeholders and governments to ensure positive outcomes. We are confident that Alan will be able to apply his skills to further the development and progression of Noront’s Ring of Fire properties”.
Mr. Coutts stated “I am delighted to be joining Noront at this very exciting and important point in the Company’s history. I welcome the challenges and opportunities of leading the development of its major Canadian mineral discoveries”.
Mr. Coutts has agreed to purchase 335,000 common shares of Noront from treasury at $0.30 per share and, on condition that, if he retains ownership of 100% of those shares on the first anniversary, and 66-2/3% of those shares on the second anniversary of the commencement of his employment, 335,000 Restricted Share Units will vest in his favour under the Company’s Share Award Plan established in 2012. Performance Share Units will also be granted to Mr. Coutts in tranches of 500,000 each if, as and when the Company achieves certain increasing share price milestones, to a maximum of 2,000,000 Performance Share Units. As an incentive to join Noront, Mr. Coutts was granted 3,000,000 stock options, exercisable at a price of $0.30 per share, vesting as to 1,000,000 options on the commencement date and as to 1,000,000 options on each of the next two anniversaries of that date and otherwise in accordance with and subject to the Company’s Stock Option Plan.
Further to the Company’s press release dated July 15, 2013, the Company issued 70,000 common shares of the Company (the “Consultant Shares”) to a third party consultant on July 19, 2013. The Consultant Shares are subject to a four month plus one day hold period which will expire on November 20, 2013.
