Noram Ventures Announces Non-Brokered Private Placement Financing
Vancouver, British Columbia – September 25, 2013 – Noram Ventures Inc. (TSX-V: NRM) (“Noram” or the “Company”) is pleased to report that it intends to carry out a non-brokered private placement for gross proceeds of up to $400,000 (the "Private Placement").
The Private Placement will consist of up to 1,000,000 flow-through units of the Company (each, a "Flow-Through Unit") and up to 1,000,000 regular units (each, a "Unit") at a price of $0.20 per Flow-Through Unit and $0.20 per Unit. Each Flow-Through Unit will consist of one common share in the capital of the Company (each a "Share") issued on a flow-through basis, and one common share purchase warrant (each, a "Warrant"). Each Unit will consist of one Share and one Warrant. Each Warrant will entitle the holder to purchase one additional Share (a "Warrant Share") at a price of $0.25 per Warrant Share for a period of 24 months following the closing date.
The Warrants are subject to an early acceleration provision which provides for the mandatory exercise or expiry of the Warrants in the event Noram's shares close at $0.40 or higher for at least 10 consecutive trading days. In such event, the Warrants will accelerate and expire 30 days after the Company has given notice of the accelerated conversion to the Warrant holders.
The net proceeds from the Private Placement will be used to finance the Company's exploration programs and for general working capital purposes.
The Private Placement is subject to TSX Venture Exchange approval. All securities issued in connection with this Private Placement will be subject to a four-month hold period in accordance with securities regulation.
About Noram Ventures Inc.:
Noram Ventures Inc. (TSX-V: NRM) is a Canadian based mineral exploration company with a project generator business model. The Company’s strategy is to identify and acquire early-stage properties and create value through the initial drilling and discovery phase. Noram’s current portfolio includes four properties in the central Kootenay region of southern British Columbia: the Amazing Grace gold property, the Jumbo flake-graphite property, the Kokanee flake-graphite property and the Silver Hill molybdenum-lead property.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “David W. Rees”
President & Director
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