Gloriex, the way this release is worded compared to a past PP I'm not sure NOT management has to do any thing it appears from the wording this is a done deal. When NOT did a 21cent PP on June 5th,2006 the release said NOT had to notify the warrant holders, this release does not say that. I have attached that 2006 release for info.

Noront Resources Ltd.

TSXV Trading Symbol: NOT For Immediate Release

January 5, 2006

Toronto, Ontario. Noront Resources Ltd. (“Noront”) is pleased to announce the

closing on December 30, 2005, of two flow-through private placements, and the

closing today of a hard dollar unit private placement, as previously announced.

Noront received gross proceeds of $500,000, pursuant to one of the flow-through

offerings, and issued 2,380,951 units of Noront at the price of $0.21 per unit.

Each unit consists of one flow-through common share and one-half of one

common share purchase warrant. Each warrant will entitle the holder to purchase

one additional common share of Noront, which shall not be a flow-through share,

at a price of $0.25 for a period of two years from the date of closing, provided

that if the closing price of the common shares of Noront is or exceeds $0.42 for

21 consecutive trading days, the expiry date of the warrants shall be accelerated

to the date that is 30 days after the date a press release is disseminated

announcing the accelerated expiry date and the subscribers are notified that the

acceleration event has occurred. Limited Market Dealer Inc. acting as agent for

this offering was paid a cash fee totalling $35,000 representing 7% of the gross

proceeds of the private placement.

Pursuant to another offering, Noront received gross proceeds of $1,000,000

consisting of 2,500,000 flow-through units and 2,500,000 hard dollar units at

$0.20 per unit. Each flow-through unit consists of one flow-through common share

and one-half of one common share purchase warrant. Each hard dollar unit

consists of one common share and one common share purchase warrant. Each

warrant will entitle the holder to purchase one additional common share of

Noront, which shall not be a flow-through share, at a price of $0.25 for a period

of two years from the date of closing, provided that if after May 1, 2006 the

closing price of the common shares of Noront is or exceeds $0.50 for 15

consecutive trading days, the expiry date of the warrants shall be accelerated to

the date that is 30 days after the date a press release is disseminated announcing

the accelerated expiry date.

In connection with the private placement, PowerOne Capital Markets Limited

acting as agent is being paid a cash fee totalling $70,000 representing 7% of the

gross proceeds and is being issued common share purchase warrants to purchase

up to 500,000 units of Noront.

All of the securities issued in the foregoing financings will have a hold period

expiring four months and one day after the date of closing.

The proceeds of the financings will be used to explore Noront’s existing