TORONTO, ONTARIO--(Marketwired - May 1, 2013) - Noront Resources Ltd. ("Noront" or the "Company") (TSX VENTURE:NOT) today announces that the Company's shareholders approved the Convertible Loan including the creation of a new "Control Person" and By-Law No. 2 which allows the board of directors to borrow on behalf of the Company at the Special Meeting of Shareholders held on April 30, 2013.

As more particularly described in the Company's press release dated February 26, 2013, Noront entered into a loan facility with Resource Capital Fund V L.P. in the aggregate principal amount of US$15.0 million (the "Facility"). The Facility is a one year bridge loan (the "Bridge Loan") which matures on February 25, 2014 and automatically rolls into a convertible loan (the "Convertible Loan") with a maturity date of December 31, 2015, if the Facility is not repaid prior to the Bridge Loan maturity date.

The issuance of the conversion rights and interest shares under the Convertible Loan required shareholder approval since the issuance will create a new "Control Person", on such terms as more particularly described in the Management Information Circular of the Company dated March 26, 2013. Prior to entering into the Facility, the Company's board of directors approved By-Law No. 2 which is a borrowing by-law and provides the board of directors with the ability to borrow money on behalf of the Company.

The passing of the above resolutions provides the Company the flexibility to consider a broader range of financing options in order to further the development of the Company's advanced stage Eagle's Nest nickel, copper, platinum, palladium project.