Noront Resources announced Nov. 24 it was out to raise $2.4 million for work in the Ring of Fire in the James Bay region.
The company plans to raise the money in a private placement of 4.8-million flow-through common shares at a price of $0.50 apiece. The Toronto-based junior said the proceeds would be used to continue its exploration efforts in the Ring of Fire district.
The offer of common shares will expire on March 26, 2016.
Noront’s properties in the James Bay lowlands include its flagship Eagle's Nest nickel, copper, PGM deposit along with its Blackbird, Black Thor, and Big Daddy properties in the James Bay lowlands.