Noram Ventures Closes Non-Brokered Financing
Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (TSX-V: NRM) ("Noram" or the "Company") is pleased to report that the previously announced non-brokered private placement financing (the “Offering”) has been closed to raise gross proceeds of $243,500 through the sale of 4,870,000 common share units (the “Units”).
The Units were priced at $0.05 and consisted of one common share and one non-transferable common share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to purchase one additional common share at a price of $0.10 until June 26, 2016.
All 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.
No finder's fees were paid in connection with this Offering. All securities issued in connection with this Offering are subject to a four-month hold period in accordance with securities regulation, until October 27, 2014. The net proceeds from the Offering will be used to finance the Company’s exploration programs and for general working capital purposes.
The Offering remains subject to final acceptance of the TSX Venture Exchange.
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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