Noram Ventures Completes Financing
Current exploration projects include the Jumbo Flake Graphite Property in southeastern British Columbia
Vancouver, British Columbia CANADA, May 06, 2013 /FSC/ - Noram Ventures Inc. (NRM - TSX Venture), ("Noram" or the "Company") is pleased to report that the non-brokered private placement financing announced April 17, 2013 (the "Offering") has been closed to raise gross proceeds of $265,000 through the sale of 725,000 flow-through share units (the "FT Unit") and 600,000 common share units (the "Units).
The FT Units were priced at $0.20 and consisted of one flow-through share and one non-transferable common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.25 until May 3, 2015. The Units were priced at $0.20 and consisted of one common share and one non-transferable common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.25 until May 3, 2015.
All warrants associated with this Offering are subject to an acceleration provision allowing the Company to accelerate the expiry of the warrants if the Company's shares trade above $0.40 for ten (10) consecutive days. In that event, the warrants will 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 September 4, 2013. The net proceeds from the Offering will be used to finance the Company's exploration programs and for general working capital purposes.
About Noram Ventures Inc.:
Noram Ventures Inc. (TSX-V: NRM) is a Canadian based mineral exploration company with a project generator business model. The Company's strategy is to identify and acquire early-stage properties that offer large-scale resource potential, and create value through the initial drilling and discovery phase. Noram's current focus is on three properties in the Central Kootenay region of Southeastern British Columbia: the Jumbo Flake-Graphite Property, the Kokanee Flake-Graphite Property and the Silver Hill Molybdenum-Galena Property.
For further information, please visit www.noramventures.com.
For corporate, media, or investor communications contact:
Greg Lytle
Lytle & Associates
Corporate Communications
Phone: (604) 839-6946
Email: info@noramventures.com
ON BEHALF OF THE BOARD OF DIRECTORS
s/ "David W. Rees"
President & Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding exploration work on the properties and the completion of the Offering. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, (5) the risk that the Company does not execute its business plan, (6) inability to finance operations and growth, and (7) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE)
ACCEPTS ESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
To view the press release as a PDF file, please click on the following link:
http://www.usetdas.com/pr/noram05062013.pdf
Source: Noram Ventures Inc. (TSX-V: NRM) http://www.noramventures.com
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