OTCPK:NOSOF - Post by User
Post by
backflipson Apr 27, 2015 11:36pm
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Post# 23670289
HOW MANY MORE WILL THERE BE IN THE WOOD WORKS !
HOW MANY MORE WILL THERE BE IN THE WOOD WORKS ! Alan Coutt's
Noront Resources Ltd. (
NOT) rose 2.5 cents to 50 cents on 311,000 shares. The company had hoped to close its $20-million Ring of Fire land purchase from Cliffs Natural Resources Inc. this week, but it has run into some snags. The Financial Post says Toronto businessman Mohammad Al Zaibak has made a rival bid of $23-million, and this is not all. Mr. Al Zaibak is reportedly working with Bill Boor, the Cliffs executive formerly in charge of the Ring of Fire development. They allege that the bidding process was unfair, and the case is now before the Quebec Superior Court. The court is also hearing from four Indian bands who oppose the Cliffs sale to Noront. They are apparently trying to come up with the money to make their own bid. Noront does not have the money, with negative $13.5-million in working capital, but Pierre Lassonde's
Franco-Nevada Corp. (
FNV: $62.04) promised to lend it the full $20-million required.