NORONT RESOURCES ISSUES STOCK BASED COMPENSATION
TORONTO, ONTARIO — October 1, 2020 — Noront Resources Ltd. (“Noront” or “the Company”) (TSX Venture: NOT) announced today that the Noront Board of Directors has granted 1,101,419 restricted stock units (RSU’s) convertible into common shares of the Company six months from the date of grant, being March 30, 2021. The RSU’s were granted to various Directors, Officers and Management pursuant to Noront’s share awards plan and will be used to compensate, incentivize, and retain key members of the Board, Officers and Management team.
In addition the Board of Directors has granted the option to acquire 50,000 common shares to a consultant for past services, with an exercise price of $0.1750 per Common Share, the closing market price on the date of grant, exercisable for a period of five years. One third of the options vest immediately with the remaining options vesting in equal parts over the next two years.
The issuance of options and restricted stock units are subject to all applicable regulatory and exchange approvals.
About Noront Resources
Noront Resources Ltd. is focused on development of its high-grade Eagle’s Nest nickel, copper, platinum and palladium deposit and the world class chromite deposits including Blackbird, Black Thor, and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire. www.norontresources.com
For more information:
Greg Rieveley greg.rieveley@norontresources.com (416) 367-1444
