The largest landholder in the promising mine camp known as the Ring of Fire, in Northern Ontario, has closed a C$1.54-million financing to advance the development of its Eagle’s Nest project, for exploration in the region and for general working capital.

The TSX-V-listed company had issued 2.9-million units at a price of $0.33 a share for gross proceeds of $959500 and 1.53-million flow-through common shares at a price of $0.38 per flow through common share for gross proceeds of $583300.

Each unit consisted of one common share and one half of a common share purchase warrant, with each whole warrant entitling the holder to acquire one common share of Noront for a period of two years from the date of closing at a price of $0.47 per common share.

The flow-through common shares, common shares and warrants comprising the units under the private placement and any common shares issuable upon exercise of the warrants, were subjected to a hold period of four months plus one day, which would expire on January 5, 2016.

Noront had earlier this year scooped-up a majority land position in the district when Cliffs Natural Resources agreed to bow out of the prospective region by selling its claims for $20-million. The deal included a 100% interest in Cliff’s prized Black Thor chromite deposit and a 100% interest in the Black Label chromite deposit.

Noront was currently in the permitting phase of its flagship Eagle’s Nest nickel/copper/platinum group element mine.

• [Editor:Juan]