Today's Canaccord Morning Coffee
posted on
Nov 28, 2007 07:49AM
Noront Resources* (NOT : TSX-V : $5.55), Net Change: 0.50, % Change: 9.90%, Volume: 4,184,708Enlisting additional pin-stripers to help Double Eagle fly. Noront, obviously feeling hurt that the market is not showing its stock the love the company believes it deserves, announced Tuesday that it has hired a second group of bankers help unlock value in its shares. Noront’s latest press release said it has entered into an agreement with J.P. Morgan Securities (JPM) to assist the company in evaluating strategic alternatives to maximize shareholder value. JPMorgan will work along side coadvisor IBK Capital to develop strategies to unlock what Noront management and Board of Directors believe to be a significant unrecognized value in the company’s stock price. Noront’s President CEO Richard Nemis said, “JPMorgan’s mandate will include the coordination of discussions with interested parties on a potential investment in, or acquisition of the company, at a time and on terms that produce the best possible value to Noront’s shareholders.” Nemis also stated that, “Noront continues to define its very attractive nickel-copper discovery in the James Bay Lowlands, as well as its high-grade gold discovery at Windfall Lake, and believe that these assets will be seen as attractive development opportunities by several global mining companies.” As of November 6, Noront had completed 3,263 metres of diamond drilling in 19 diamond drill holes (including current holes that are underway) on the Eagle One Ni-Cu-PGE occurrence since starting the drill program in late August.
