This is what happens when the share prices are so depressed..NOT had a high of $7.42....but I doubt if the insiders of NOT control over 50% of the stock...

Not is at $1.18 today..

http://www.marketwire.com/press-rele...

Noront Resources Ltd.

TSX VENTURE: NOT

TORONTO, ONTARIO--(Marketwire - Oct. 9, 2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) announced that Rosseau Asset Management Ltd. (and certain related parties) (collectively, "Rosseau"), a hedge fund manager that, together with its officers and employees, owns or exercises control and direction over approximately 9.2% of Noront's common shares, has filed a dissident's proxy circular (the "Dissident's Circular") in which they ask Noront shareholders to vote against the re-election of the Company's current Board of Directors and instead vote to elect a new slate of directors at the upcoming annual and special meeting of Noront shareholders scheduled to be held on October 28, 2008.

During recent meetings between Rosseau and Noront's management, Rosseau indicated it wanted significant changes to Noront's Board of Directors and some senior management.

As a result of these discussions, Noront formed a special committee (the "Special Committee") of the Board of Directors to deal with this matter, composed of Paul Parisotto (Chair), Maurice Stekel and Douglas Blanchflower, all of whom are independent directors. In an effort to avoid the cost and dislocation to all Noront shareholders that would inevitably accompany a proxy fight, the Special Committee sought to address Rosseau's concerns and attempted to negotiate a compromise position that would result in a more balanced Board of Directors than the slate of directors suggested by Rosseau. Rosseau rejected Noront's compromise proposal and has commenced its proxy fight with the filing of the Dissident's Circular.

NORONT'S SPECIAL COMMITTEE AND BOARD OF DIRECTORS BELIEVES ROSSEAU'S ACTION IS NOT IN THE BEST INTERESTS OF NORONT SHAREHOLDERS. IT IS AN OPPORTUNISTIC ATTEMPT, IN LIGHT OF EXTRAORDINARY RECENT MARKET CONDITIONS, TO OBTAIN CONTROL OF NORONT THROUGH CONTROL OF THE BOARD OF DIRECTORS. NORONT WILL RESPOND IN DETAIL TO THE SPECIFIC CONTENT OF THE DISSIDENT'S CIRCULAR SHORTLY.

Noront reminds shareholders of the significant progress the Company has made in the past year under the stewardship of its current Board of Directors and management.