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 $500,000 through the sale of 50,000,000 units (the “Units”).
The Units were priced at $0.01 and consists of one common share of the Company and one transferable common share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to purchase one additional common share of the Company at a price of $0.05 until April 19, 2018.
The majority of the net proceeds from the Financing will be used for general working capital purposes. The Company has budgeted approximately 11% of the proceeds to complete due diligence on potential projects. Additionally, no proceeds will be used to pay any related parties of the Company.
The Company paid an aggregate of $10,640 in cash and 1,064,000 non-transferrable warrants exercisable into in one common share of the Company at a price of $0.05 until April 19, 2018 in finders’ fees in connection with this Offering. The finders’ fees were paid to Wolverton Securities Ltd., Mackie Research Capital Corporation, Leede Jones Gable Inc. and Canaccord Genuity Corp.
All securities issued in connection with the Offering are subject to a four-month hold period in accordance with securities regulation, until August 20, 2016. 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. The Company’s primary business focus since formation has been the exploration of mineral projects that include the Silver Hill molybdenum property and the Jumbo graphite property. The Company is currently seeking new acquisitions. For further information, please visit www.noramventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Mark R. Ireton”
President & Director
Direct: (604) 761-9994
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To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/noram04192016.pdfSource: Noram Ventures Inc. (TSX Venture:NRM)
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