Noram Ventures Announces Financing
Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (TSX-V: NRM) ("Noram" or the "Company") announces that it intends to carry out a non-brokered private placement financing to raise gross proceeds of up to $250,000 (the "Private Placement").
The Private Placement will consist of up to 5,000,000 units of the Company (each, a "Unit") at a price of $0.05 per Unit. Each Unit will consist of one common share and a non-transferable warrant (each, a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 per share for a period of 24 months following the closing date.
The Warrants are subject to an early acceleration provision which provides for the mandatory exercise or expiry of the Warrants in the event Noram's shares close at $0.20 or higher for at least 10 consecutive trading days. In such event, the Warrants will accelerate and expire 30 days after the Company has given notice of the accelerated conversion to the Warrant holders.
The net proceeds from the Private Placement will be used for general working capital purposes.
The Private Placement is subject to TSX Venture Exchange approval. All securities issued in connection with this Private Placement will be subject to a four-month hold period in accordance with securities regulation.
About Noram Ventures Inc.:
Noram Ventures Inc. (TSX-V: NRM) is a Canadian based company with a project generator business model. Although the Company’s primary business focus since formation has been the exploration of mineral properties it is now seeking new business opportunities that offer the potential for near term cash flow to create shareholder value. For further information, please visit www.noramventures.com.
Business development and corporate communications contact:
Direct: (604) 839-6946,
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “David W. Rees”
President & Director
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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Source: Noram Ventures Inc. (TSX Venture:NRM)
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