TORONTO, ONTARIO–(Marketwire – Jan. 21, 2013) – Noront Resources Ltd. (“Noront” or the “Company”) (TSX VENTURE:NOT) announced today that its board of directors received the resignation of Wes Hanson as President, Chief Executive Officer and a Director of Noront. The Board has appointed Paul Parisotto to act as interim President and Chief Executive Officer
TORONTO, ONTARIO–(Marketwire – Feb. 26, 2013) – Noront Resources Ltd. (“Noront” or the “Company”) (TSX VENTURE:NOT) is pleased to announce that it has entered into a loan facility with Resource Capital Fund V L.P. (“RCF”) in the aggregate principal amount of US$15.0 million....The Facility will be secured by a first ranking perfected lien over all assets associated with the Company’s projects.....The Convertible Loan may be converted into common shares of the Company at the option of RCF at a price of $0.45....RCF has an existing equity ownership interest in Noront of approximately 18%...Shareholder approval is therefore required to grant the Conversion Rights..If the Company’s shareholders do not approve the Convertible Loan, then the Facility will mature on the Bridge Loan maturity date and the interest rate will increase to 15%
Note: the conversion price has been reduced twice since...as if that wasn't bad enough.