TORONTO, May 27, 2021 (GLOBE NEWSWIRE) — Noront Resources Ltd. (TSXV: NOT) (“Noront” or the “Company”) announces that it has adopted a shareholder rights plan (the “Rights Plan”) effective May 26, 2021.
The Rights Plan is designed to ensure that all Noront shareholders are treated fairly in connection with any take-over bid and to protect against “creeping bids” for the outstanding common shares of Noront (the “Common Shares”) through purchases exempt from applicable take-over bid rules.
Subject to the terms of the Rights Plan, in the event that rights become exercisable under the Rights Plan, holders of the rights (other than the acquiring person and its related parties) will be permitted to exercise their rights to purchase additional Common Shares at a 50% discount to the then prevailing market price of the Common Shares. Pursuant to the Rights Plan, one right attaches to each issued and outstanding Common Share.
While the Rights Plan is effective as of May 26, 2021, it is subject to ratification by Noront’s shareholders and is subject to approval of the TSX Venture Exchange. If the Rights Plan is not ratified by Noront’s shareholders at a special meeting of shareholders of Noront on or prior to November 26, 2021 (the “Meeting”), the Rights Plan will terminate and all rights issued thereunder will be cancelled. A complete copy of the Rights Plan will be available on SEDAR (www.sedar.com) under Noront’s issuer profile.
About Noront Resources
Noront Resources Ltd. is focused on development of its high-grade Eagle’s Nest nickel, copper, platinum and palladium deposit and the world class chromite deposits including Blackbird, Black Thor, and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire. www.norontresources.com
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