Noront and Resource Capital Fund Close Private Placement

Noront Resources Ltd.(TSXV:NOT) announced the closing of a private placement for gross proceeds of approximately $10.1 million. The proceeds from the placement with Resource Capital Fund V L.P. will be used for progress at the Eagle Nest project.

Also quoted in the press release:

The Company is also pleased to announce that pursuant to a previous option granted to Baosteel Resources International Co. Ltd. (“Baosteel”), Baosteel has exercised its right to maintain its 9.9% interest in the Company and participate in the Offering.

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