Noram Closes $2,300,079.72 Private Placement
Vancouver, British Columbia – March 1, 2021 – Noram Ventures Inc. (“Noram” or the “Company”) (TSX Venture: NRM / Frankfurt: N7R / OTCQB: NRVTF) is pleased to announce that the TSX Venture Exchange has accepted for filing a non-brokered private placement for gross proceeds of $2,300,079.72 by issuing 3,709,806 units at a price of $0.62 per unit. Each unit consists of one common share and one transferrable share purchase warrant exercisable at $0.94 for two (2) years from the date of issuance (expiry date of March 1, 2023). All shares and warrants issued pursuant to this financing will be subject to a statutory hold period of 4 months plus a day from the date of closing.
Finder’s Fees of 6% cash will be payable to Leede Jones Gable ($119,999.98) and Haywood Securities Inc. ($15,772.80).
Insiders of the Company subscribed for $114,080.00 and are utilizing MI 61-101 Exemption from Formal Valuation Requirement 5.5 (a) Fair Market Value Not More Than 25% of Market Capitalization and Exemption from Minority Approval Requirement 5.7 (1) (a) Fair Market Value Not More Than 25 Per Cent of Market Capitalization and (b) Fair Market Value Not More Than $2,500,000 for their participation.
Proceeds from the placement will be used for general working capital and further exploration and development activities.
About Noram Ventures Inc.
Noram Ventures Inc. (TSX - Venture: NRM / Frankfurt: N7R / OTCQB: NRVTF) is a Canadian based junior exploration company, with a goal of developing lithium deposits and becoming a low - cost supplier. The Company’s primary business is the Zeus Lithium Project (“Zeus”) in Clayton Valley, Nevada. The Zeus Project has a current resource estimate of 124 million tonnes at 1136 ppm lithium as Indicated Resources, and 77 million tonnes lithium at 1045 ppm lithium as Inferred Resources (900 ppm Li cut-off: 1.18 million tonnes lithium carbonate equivalent – “LCE”.
Noram’s long term strategy is to build a multi-national lithium minerals company to produce and sell lithium into the markets of Europe, North America and Asia.
Please visit our web site for further information: www.noramventures.com
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Anita Algie”
Director and CFO
Office: (604) 553-2279
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.