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Mike Ashley tightens grip on Rangers with £10m loan

In return for the money – which will be paid to Rangers in two £5million tranches – Ashley will be able to nominate two more directors to the Light Blues board. His associates Derek Llambias and Barry Leach are already serving as chief executive and financial director.

As well as that, Rangers will transfer 26 per cent of its holding in Rangers Retail Ltd (RRL).

RRL was a joint venture set up by the club and Sports Direct, with Rangers in control of 51 per cent and Ashley’s company controlling the rest. Fans, however, were already concerned that it was overly beneficial to Ashley.

Now as part of the new loan deal, the club has also agreed that from the 2017/8 season, for the duration of the loan, any future shirt sponsorship proceeds “will be for the benefit of RRL”.

Ashley has now strengthened his grasp on the money streams entering the club, but the balance of power could yet swing away from him in the coming weeks if Dave King succeeds in routing the board at the general meeting he has called.

In a lengthy 7am statement to the Stock Exchange, the board said: “The Board of Rangers announces that Rangers Football Club Limited has entered in to agreements with SportsDirect.com Retail Limited and associated companies, to provide a long term on-going credit facility of up to £10m.

“The Company’s financial condition has been perilous for a number of months exacerbated by lower than expected match attendances. The Directors have implemented a cost cutting program with which they have made significant progress.

“There is however an immediate need for a substantial injection of capital, and the Directors have considered a number of options.

“The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the Company time to arrange permanent capital which can be used for strengthening the playing squad.

“The Facility is structured in two separate interest free tranches. £5million will be available immediately for working capital purposes and for the repayment of the credit facilities with MASH Holdings Limited which was entered into on 27 October 2014.

“All rights and security associated with the MASH facility will be cancelled.

“The Club will transfer 26 per cent of the share capital in Rangers Retail Limited to SD for the duration of the Facility, which will be transferred back, at no cost, upon repayment of all outstanding sums owed by Rangers and its subsidiaries to SD. There is no specified repayment period for the first tranche of the Facility.

“The Facility is to be secured by (1) a floating charge over the Club’s assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club’s registered trademarks.

“None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security.

“SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies.

“If the entire sum drawn down is repaid, the Facility will be deemed to be terminated, all security will be released, the 26 per cent of RRL will revert to the Company and all rights of SD to nominate Directors to the Board of the Company will cease.

“The second tranche of £5million, which repayable five years after drawn down, will be used, if required, for working capital purposes and is subject to due diligence by SD prior to drawn down.

Chill winds: Rangers are in financial trouble

“The Company has also agreed that from the 2017/8 season, for the duration of the Facility, any future shirt sponsorship proceeds will be for the benefit of RRL.

“RRL will declare a dividend of a total of £1,610,000 prior to the Transfer.

“The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team.

“The Directors would like to thank all the Rangers Stakeholders who showed an interest in helping the Company.”

Chairman David Somers said: “The Board has sought for some time to establish a long term funding solution for the Company in order to create a platform of stability to build for the future.

“This Facility begins this process and we very much hope that it will be augmented with further permanent capital in due course.

“In addition, the executive team have made strides in addressing the cost base of the Company in order to improve our financial condition and working capital profile.

“We very much hope that we can now move away from having to seek short term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish Football and in due course, to European competition.

“The Board now calls upon all shareholders to rally together to achieve this goal.”

[…]

Rangers agree £10m loan from Sports Direct

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Rangers agree £10m loan from Sports Direct

Updated: Tuesday, 27 Jan 2015 10:45 | Comments

Comments Rangers are badly in need of funds & agreed the deal with Newcastle United owner Mike Ashley’s Sports Direct firm

The cash-strapped Rangers board has agreed a £10 million emergency loan deal with Mike Ashley’s Sports Direct firm.

Without the injection of fresh funding, the Ibrox outfit would not have been able to cover pay checks due to be delivered on Thursday.

The loan will be secured against Murray Park, Edmiston House, Albion Car Park, and the Club’s registered trademarks – but not Ibrox.

The move spells the end of attempts by the Three Bears – wealthy fans Douglas Park, George Letham and George Taylor – to have their own loan offer accepted.

It was their promise to match Ashley’s deal whilst demanding Ibrox remained unsecured that forced the Newcastle United owner to drop the stadium from the terms of his agreement.

In return for the money – which will be paid to Rangers in two £5 million tranches – Ashley will be able to nominate two more directors to the Light Blues board. His associates Derek Llambias and Barry Leach are already serving as chief executive and financial director.

As well as that, Rangers will transfer 26% of its holding in Rangers Retail Ltd (RRL).

RRL was a joint venture set up by the club and Sports Direct, with Rangers in control of 51% and Ashley’s company controlling the rest. Fans, however, were already concerned that it was overly beneficial to Ashley.

Now as part of the new loan deal, the club has also agreed that from the 2017/8 season, for the duration of the loan, any future shirt sponsorship proceeds “will be for the benefit of RRL”.

In a lengthy 7am statement to the Stock Exchange, the board said: “The Board of Rangers announces that Rangers Football Club Limited has entered in to agreements with SportsDirect.com Retail Limited and associated companies, to provide a long term on-going credit facility of up to £10m.

“The Company’s financial condition has been perilous for a number of months exacerbated by lower than expected match attendances. The Directors have implemented a cost cutting program with which they have made significant progress.

“There is however an immediate need for a substantial injection of capital, and the Directors have considered a number of options.

“The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the Company time to arrange permanent capital which can be used for strengthening the playing squad.

“The Facility is structured in two separate interest free tranches. £5 million will be available immediately for working capital purposes and for the repayment of the credit facilities with MASH Holdings Limited which was entered into on 27 October 2014.

“All rights and security associated with the MASH facility will be cancelled.

“The Club will transfer 26% of the share capital in Rangers Retail Limited to SD for the duration of the Facility, which will be transferred back, at no cost, upon repayment of all outstanding sums owed by Rangers and its subsidiaries to SD. There is no specified repayment period for the first tranche of the Facility.

“The Facility is to be secured by (1) a floating charge over the Club’s assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club’s registered trademarks.

“None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security.

“SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies.

“If the entire sum drawn down is repaid, the Facility will be deemed to be terminated, all security will be released, the 26% of RRL will revert to the Company and all rights of SD to nominate Directors to the Board of the Company will cease.

“The second tranche of £5 million, which repayable five years after drawn down, will be used, if required, for working capital purposes and is subject to due diligence by SD prior to drawn down.

“The Company has also agreed that from the 2017/8 season, for the duration of the Facility, any future shirt sponsorship proceeds will be for the benefit of RRL.

“RRL will declare a dividend of a total of £1,610,000 prior to the Transfer.

“The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team.

“The Directors would like to thank all the Rangers Stakeholders who showed an interest in helping the Company.”

Chairman David Somers said: “The Board has sought for some time to establish a long term funding solution for the Company in order to create a platform of stability to build for the future.

“This Facility begins this process and we very much hope that it will be augmented with further permanent capital in due course.

“In addition, the executive team have made strides in addressing the cost base of the Company in order to improve our financial condition and working capital profile.

“We very much hope that we can now move away from having to seek short term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish Football and in due course, to European competition.

“The Board now calls upon all shareholders to rally together to achieve this goal.”

[…]

Trevena Enters into $35 Million Tranched Term Loan Credit Facility

KING OF PRUSSIA, Pa.–(BUSINESS WIRE)–

Trevena, Inc. (TRVN), a clinical stage biopharmaceutical company focused on the discovery and development of G protein coupled receptor (GPCR) biased ligands, today announced that it has entered into a senior secured term loan credit facility providing for up to $35.0 million of funding, of which $2.0 million was drawn at closing. Trevena has the option to draw the remaining funds in two equal tranches upon positive clinical data in the Company’s ongoing TRV130 and TRV027 studies. Oxford Finance LLC serves as collateral agent and lender and Square 1 Bank serves as lender.

“This facility strengthens our cash position and provides us with meaningful financial flexibility over the next 18 months,” said Maxine Gowen, Ph.D., president and chief executive officer of Trevena. “If we receive positive Phase 2 clinical data in our ongoing studies, we can choose to draw on this facility to help fund further clinical development of our product candidates. We are delighted to be working with Oxford Finance and Square 1, and recognize in their commitment to us a shared belief in the potential benefits of Trevena’s drug candidates.”

“Oxford is pleased to support Trevena with this new financing,” said Christopher A. Herr, managing director for Oxford Finance. “Through our diligence process we have developed strong confidence in the Trevena team and the Company’s pipeline of promising new therapies.”

About the Credit Facility

In addition to the $2.0 million initial term loan tranche, the facility provides for up to two additional term loan tranches of $16.5 million each. Trevena may opt to draw the second term loan tranche upon the receipt of positive efficacy data from the phase 2 study of TRV130 and the third term loan tranche upon the receipt of positive data from the phase 2 study of TRV027. Trevena currently expects data from the phase 2 bunionectomy study of TRV130 at the latest by the first quarter of 2015, and from the phase 2 BLAST-AHF trial of TRV027 in acute heart failure by the end of 2015. The term loans bear interest at a rate of 6.5% per annum, and the maturity date for the credit facility is December 1, 2018. At the maturity date, a fee of between 5.25% and 7.0% of the amount borrowed will be due. In certain circumstances, the maturity date may be extended to September 1, 2019.

About Trevena

Trevena, Inc. is a clinical stage biopharmaceutical company that discovers, develops and intends to commercialize therapeutics that use a novel approach to target G protein coupled receptors, or GPCRs. Using its proprietary product platform, Trevena has identified and advanced three differentiated biased ligand product candidates into the clinic – TRV027 to treat acute heart failure, TRV130 to treat moderate-to-severe acute pain intravenously, and TRV734 to treat moderate-to-severe acute and chronic pain orally. Trevena also is advancing additional product candidates in its portfolio, including a preclinical program focused on central nervous system indications.

About Oxford Finance LLC

Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $2 billion in loans, with lines of credit ranging from $500 thousand to $75 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Illinois, Massachusetts and North Carolina. For more information visit www.oxfordfinance.com.

About Square 1 Bank

Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1’s expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients’ needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Denver, Durham, Los Angeles/Orange County, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.

Cautionary Note on Forward-Looking Statements

Any statements in this press release about future expectations, plans and prospects for the company, including statements about the company’s strategy, future operations, clinical development of its therapeutic candidates, plans for potential future product candidates and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “suggest,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the status, timing, costs, results and interpretation of the company’s clinical trials, including whether Trevena will have final data from the phase 2 bunionectomy study of TRV130 by the first quarter of 2015, and from the phase 2 BLAST-AHF trial of TRV027 in acute heart failure by the end of 2015; the uncertainties inherent in conducting clinical trials; whether interim results from a clinical trial will be predictive of the final results of the trial or results of early clinical trials will be indicative of the results of future trials, including whether the company’s belief in the potential benefits of Trevena’s drug candidates will be realized; expectations for regulatory approvals; availability of funding sufficient for the company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements, including whether the term loan credit facility will provide the company with meaningful financial flexibility, whether the company will receive positive data in the TRV027 Phase 2 study and/or the TRV130 Phase 2 study to enable it draw the remaining $34 million provided under the term loan credit facility and, in such case, whether the company will choose to draw down on the facility; other matters that could affect the availability or commercial potential of the company’s therapeutic candidates; the inherent uncertainties associated with intellectual property; and other factors discussed in the Risk Factors set forth in the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC) and in other filings the company makes with the SEC from time to time. In addition, the forward-looking statements included in this press release represent the company’s views only as of the date hereof. The company anticipates that subsequent events and developments may cause the company’s views to change. However, while the company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, except as may be required by law.

Health Care IndustryFinanceTrevena, Inc.Credit Facility Contact: Investor Contacts:

Trevena, Inc.

Jonathan Violin

Director of investor relations

610-354-8840 x231

jviolin@trevenainc.com

or

Argot Partners

Andrea Rabney

President and chief executive officer

212-600-1902

andrea@argotpartners.com

or

Media Contact:

Argot Partners

Eliza Schleifstein

917-763-8106

eliza@argotpartners.com […]

Osum Oil Sands Corp. Acquires Orion Oil Sands Project and Closes Senior Secured Credit Facilities

CALGARY, ALBERTA–(Marketwired – Jul 31, 2014) – Osum Oil Sands Corp. (“Osum” or the “Company”), a private in-situ oil sands company, today announced that its wholly-owned subsidiary, Osum Production Corp. (“OPC”), has completed the purchase of the Orion Oil Sands Project from Shell Canada (a Royal Dutch Shell Group entity) for Canadian $325 million.

Commenting on the success of the acquisition, Steve Spence, President and Chief Executive Officer, said: “The acquisition of the Orion project provides Osum with significant current production and cash flow. As well, we are pleased to welcome the high quality, experienced operating team members joining our organization today. We believe Osum has a unique opportunity to build a significant production platform from both Orion and our neighboring Taiga project in the Cold Lake region.”

The acquisition was funded from cash on hand and with the net proceeds of a new US$210 million Senior Secured Term Loan Facility to OPC (the “Term Loan Facility”). The Term Loan Facility has a maturity date of July 31, 2020 and an interest rate of LIBOR plus 5.50% with a 1.00% LIBOR floor. In addition, OPC has access to a US$15 million Senior Secured Revolving Loan Facility for general corporate purposes (the “Revolving Loan Facility”). Barclays Bank PLC and Goldman Sachs Lending Partners LLC acted as Joint Lead Arrangers and Joint Bookrunners for each of the Term Loan Facility and the Revolving Loan Facility.

Acquisition Highlights:

The Orion Project is located in the Cold Lake oil sands region, in close proximity to numerous major oil sands developments. It is approximately 18 kilometers SW of Osum’s Taiga Project, which has received regulatory approval for the construction and operation of a 35,000 barrel per day facility. The Project has been producing commercially since 2007 using the well-established Steam Assisted Gravity Drainage (SAGD) thermal heavy oil recovery technology. Second quarter production averaged approximately 6,800 barrels per day of bitumen from 22 well pairs. At forecast production rates, the Project is expected to have an economic life in excess of 25 years. Osum has 100% working interest and operatorship of the project.

CIBC World Markets Inc., Barclays Capital Canada Inc., and Goldman Sachs Canada Inc. acted as financial advisors to Osum in respect of the acquisition.

About Osum

Established in Alberta in 2005, Osum Oil Sands Corp. is a private oil sands producer focused on the responsible application of in-situ recovery technologies within Canada’s oil sands and carbonates. Additional information on the Company is available at www.osumcorp.com.

Cautionary Information and Forward Looking Statements

Certain statements contained in this press release may contain projections and “forward-looking statements” within the meaning of that phrase under Canadian and U.S. securities laws. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions may be used to identify forward-looking statements. Those statements reflect management’s current views with respect to future events or conditions, including expected cash flows, expected production levels, and expected economic life of the Orion Oil Sands Project, retaining a high quality, experienced operating team, financial position, predictions of future actions or plans or strategies.

Certain material factors and assumptions were applied in drawing conclusions and making forward-looking statements. By their nature, those statements reflect management’s current views, beliefs and assumptions and are subject to certain risks, uncertainties, known and unknown, and assumptions, including, without limitation, assumptions about expected cash flows, expected production levels, and expected economic life of the Orion Oil Sands Project, retaining a high quality, experienced management team, production delays, changing environmental and other regulations, the ability to attract and retain business partners, the ability to exploit hydrocarbon resources with available technology, the need to obtain and maintain proprietary rights over aspects of the technology, competition from other technologies, the ability to access the capital required for project development, research, technology development, operations and marketing, changes in energy prices and currency levels.

Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the projections or forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated, or expected. Osum does not intend and does not assume any obligation to update these forward-looking statements whether as a result of new information, plans, events or otherwise.

The Company’s securities are not traded on any stock exchange and thus, Osum is not subject to regulation by any Canadian stock exchange. Osum is not a reporting issuer in Canada and its securities are not registered under the United States Securities Act of 1933. As a result, the Company is not presently subject to the reporting, certification or other requirements imposed on Canadian Reporting Issuers or U.S. registered issuers under, among other things, applicable Canadian securities legislation or the U.S. Sarbanes-Oxley Act of 2002 (“SOX”).

This release is provided for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares in any jurisdiction (including the United States) in which such offer, solicitation or sale would be unlawful.

FinanceInvestment & Company Information Contact:

Osum Oil Sands Corp.

Justin Robinson

Manager, Communications

jrobinson@osumcorp.com […]

Horizon Technology announces prepayment, termination of term loan facility

Horizon Technology Finance announced the termination of its term loan credit facility with Fortress Credit Co, an affiliate of Fortress Investment Group and the company’s prepayment of all outstanding amounts due thereunder. Horizon maintains borrowing capacity pursuant to its existing $50M revolving credit facility with Key Equipment Finance which contains an accordion feature allowing for an increase in the total loan commitment up to an aggregate commitment of $150M. In connection with the prepayment and termination of the Term Loan Facility, Horizon expects to record a one-time interest expense charge of $1.9M for the quarter ended June 30. These nonrecurring expenses consist of a non-cash expense of $1.1M from the acceleration of unamortized debt issuance costs, and a cash expense of $800,000 incurred by the payment of a prepayment fee. The non-recurring expenses are expected to be partially offset by a reduction of approximately $700,000 in incentive fees that would otherwise have been due to the company’s advisor in Q2 if the Term Loan Facility had not been terminated. As a result, the net impact from the prepayment and termination of the Term Loan Facility on Horizon’s net investment income is expected to be approximately $1.2M, or 12c per share, for the quarter ended June 30. There will be no ongoing obligations or expenses associated with the termination and prepayment of the Term Loan Facility. As a result of the termination and prepayment of the Term Loan Facility, commencing with the Q3, Horizon expects to reduce its quarterly interest expense by approximately $300,000, or 3c per share.

FinanceInvestment & Company InformationFortress Investment Group […]

Horizon Technology Finance Announces Prepayment and Termination of Term Loan Facility

FARMINGTON, CT–(Marketwired – Jun 17, 2014) – Horizon Technology Finance Corporation (NASDAQ: HRZN) (the “Company” or “Horizon”), a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life science, healthcare information and services, and cleantech industries, announced today the termination of its term loan credit facility (“Term Loan Facility”) with Fortress Credit Co LLC, an affiliate of Fortress Investment Group LLC (“Fortress Credit”) and the Company’s prepayment of all outstanding amounts due thereunder. Horizon maintains borrowing capacity pursuant to its existing $50 million revolving credit facility (the “Key Facility”) with Key Equipment Finance Inc. (“Key”) which contains an accordion feature allowing for an increase in the total loan commitment up to an aggregate commitment of $150 million.

“Horizon made the strategic decision to prepay the Term Loan Facility in order to significantly reduce its future interest expense and better align Horizon’s total borrowing commitments with its current equity base,” stated Christopher M. Mathieu, Senior Vice President and Chief Financial Officer. “The termination of the Term Loan Facility is expected to result in an effective interest rate on Horizon’s borrowings for the second half of 2014 of approximately 6.2%, as compared to an effective interest rate of approximately 6.9% for the first half of 2014.”

In connection with the prepayment and termination of the Term Loan Facility, Horizon expects to record a one-time interest expense charge of $1.9 million for the quarter ended June 30, 2014. These nonrecurring expenses consist of a non-cash expense of $1.1 million from the acceleration of unamortized debt issuance costs, and a cash expense of $0.8 million incurred by the payment of a prepayment fee. The non-recurring expenses are expected to be partially offset by a reduction of approximately $0.7 million in incentive fees that would otherwise have been due to the Company’s advisor in the second quarter if the Term Loan Facility had not been terminated. As a result, the net impact from the prepayment and termination of the Term Loan Facility on Horizon’s net investment income is expected to be approximately $1.2 million, or $0.12 per share, for the quarter ended June 30, 2014. There will be no ongoing obligations or expenses associated with the termination and prepayment of the Term Loan Facility.

As a result of the termination and prepayment of the Term Loan Facility, commencing with the third quarter of 2014, Horizon expects to reduce its quarterly interest expense by approximately $0.3 million, or $0.03 per share. These anticipated expense savings reflect the elimination of debt issuance costs and non-usage fees with respect to the Term Loan Facility, as well as lower future borrowing costs under the Key Facility. The Key Facility has a current interest rate of 4.00%, as compared to an interest rate of 7.00% under the Term Loan Facility. Horizon currently has no outstanding borrowings under the Key Facility, but expects to borrow under the Key Facility by the end of the second quarter.

About Horizon Technology Finance
Horizon Technology Finance Corporation is a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and cleantech industries. The investment objective of Horizon is to maximize total returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants that it receives when making such loans. Headquartered in Farmington, Connecticut, with regional offices in Walnut Creek, California and Reston, Virginia, Horizon is externally managed by its investment advisor, Horizon Technology Finance Management LLC. Horizon’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “HRZN.” In addition, Horizon’s 7.375% Senior Notes due 2019 trade on the New York Stock Exchange under the ticker symbol “HTF.” To learn more, please visit www.horizontechnologyfinancecorp.com.

Forward-Looking Statements
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

FinanceInvestment & Company Information Contact:

Horizon Technology Finance Corporation

Christopher M. Mathieu

Chief Financial Officer

(860) 676-8653

chris@horizontechfinance.com

Investor Relations and Media
The IGB Group
Michael Cimini
(212) 477-8261
mcimini@igbir.com

Leon Berman
(212) 477-8438
lberman@igbir.com

[…]

Forbes Coal Closes First Tranche of US$25 Million Loan Facility

TORONTO, ONTARIO–(Marketwired – Feb 5, 2014) – Forbes & Manhattan Coal Corp. (“Forbes Coal” or the “Company“) (FMC.TO)(FMC.TO) has closed on the first tranche of the previously announced secured convertible loan facility from Resource Capital Fund V L.P (“RCF“) in the aggregate principal amount of up to US$25 million (the “Facility“). The first tranche consists of a bridge loan (the “Bridge Loan“) in the amount of US$4 million. The remainder of the Facility consists of a convertible loan in the principal amount of up to US$15 million (the “Convertible Loan“), and a refinancing of the existing US$6 million convertible loan facility completed between the Company and RCF on September 6, 2013 (the “Refinancing“). The Bridge Loan is to be used for general working capital in relation to Forbes Coal’s operations in Dundee, South Africa as well as to facilitate the closing of the Company’s Toronto office.

In connection with the Bridge Loan, RCF will receive an establishment fee equal to 5% of the value of the Bridge Loan, payable in common shares in the capital of Forbes Coal (“Common Shares“), issued at a price of C$0.1446 per Common Share.

The Bridge Loan will bear interest at a rate of 15% per annum, payable each month. Interest payment obligations under the Bridge Loan may be satisfied in cash, or, at the option of RCF, through the issuance of Common Shares valued at the 20-day volume-weighted average price (“VWAP“) of the Common Shares on the Toronto Stock Exchange prior to the relevant interest payment date.

The Bridge Loan will mature on June 30, 2014, provided that if Forbes Coal receives all necessary shareholder approvals as may be required in connection with the Facility, the Bridge Loan will convert into a convertible loan with the same terms and conditions as the Convertible Loan, with the principal amount of the Bridge Loan convertible into Common Shares at a price of C$0.1446 per Common Share.

The issuance of Common Shares to RCF upon conversion of the Bridge Loan, the Convertible Loan and the Refinancing, in satisfaction of interest obligations under the Convertible Loan and the Refinancing, and in satisfaction of the establishment fee payable in connection with the Convertible Loan are subject to shareholder approval. Forbes Coal intends to seek approval of its shareholders for these issuances at a special meeting to be held no later than April 30, 2014. Pursuant to the policies of the TSX and Multilateral Instrument 61-101 – Protection of Minority Shareholder in Special Transactions (“MI 61-101“), RCF will not vote on the resolution approving the issuances of the Common Shares to RCF under the Facility.

About Forbes Coal

Forbes Coal is a growing coal producer in southern Africa. It holds a majority interest in two operating mines through its 100% interest in Forbes Coal (Pty) Ltd., a South African company which has a 70% interest in Zinoju Coal (Pty) Ltd. (“Zinoju“). Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa. Forbes Coal has an experienced coal-focused management team.

Cautionary Notes:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Facility, the meeting to be held in connection with approval of the issuance of certain Common Shares issuable under the Facility and future financial or operating performance of Forbes Coal and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Forbes Coal to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, foreign operations, political and social uncertainties; a history of operating losses; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral products; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although Forbes Coal has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Commodity MarketsCompany Earningsbridge loan Contact:

Forbes & Manhattan Coal Corp.

Craig Wiggill

Executive Chairman and Interim CEO

+27 11 656 3206

crwiggill@gmail.com

Forbes & Manhattan Coal Corp.

Sarah Williams

Chief Financial Officer

swilliams@forbescoal.com
www.forbescoal.com […]

Alexander Energy Ltd. Announces a 47% Increase in Q1 Cash Flow to $1.8 Million

CALGARY, ALBERTA–(Marketwired – May 28, 2013) – Alexander Energy Ltd. (TSX VENTURE:ALX) (“Alexander” or the “Company”) has filed its Interim Financial Statements and related Management’s Discussion and Analysis for the three months ended March 31, 2013 all of which are available on the Company’s profile at www.SEDAR.com (“SEDAR”).

The Company is pleased to announce its highest quarterly cash flow since Q3 2008. Alexander achieved cash flow of $1.8 million in Q1 2013, up 47% from 2012, despite a 9% decrease in oil prices and an increase in per barrel royalty expense. Importantly, net debt decreased slightly while net debt to annualized cash flow fell sharply from 2.5:1 to 1.7:1.

This was achieved without any production from the $1.5 million first quarter drilling program which resulted in two successful wells. The 7-7-56-26W4 well was put on production in April at 60 bbls/day (48 bbls/day net) and the 12-12-56-27W4 well is expected to be put on production in mid-June at 125 bbls/day (118 bbls/day net).

In Q2 2013 the Company carried out a recompletion/workover on an upper Detrital zone in the 11-12-56-27W4 well that tested at over 260 bbls/day (244 bbls/day net).

Including the 11-12-56-27W4 recompletion/workover, the Company expects over 200 bbls/day (net) of new production to be on-stream by mid-June. We are currently working on preliminary estimates of reserve additions from our recent successes.

This is reflective of the success of the program put into place by the new management team starting from the AGM in September, 2012. Management’s strategy can be summarized as investing in our Alexander property and improving our operations prior to looking to sell or merge the Company when the right opportunity is presented, hopefully by the end of 2013.

Starting from the September 7th, 2012 AGM your Company has directed all spending to Company enhancing activities. We have invested in drilling, workovers, seismic interpretation, geological and geophysical interpretation, critical land activities, and perhaps most importantly on an engineering analysis of a potential waterflood on our property with an associated application to the ERCB for an extension to our maximum allowable production rates which was approved by the ERCB.

In the six months prior to the AGM in September 2012, your Company spent $85,000 per month on legal, proxy, financial advisor and director fees. In the first quarter of 2013 the comparable monthly expense was $1,800, a saving of $83,200 (98%) per month.

Your management team has made significant progress in rebuilding the land files, updating critical leases affecting our oil production, rebuilding the well files, continuing with our required engineering work, analyzing our 3D seismic and drilling successful wells. The result of all of this is a much better understanding of our key property. This is critical for our relationship with the ERCB regarding the possibility of being granted GPP (good production practices) status or waterflood approval, or an additional extension of our allowable maximum production rates.

We now believe that the Detrital zone may continue to the south east of our existing producing wells. We have acquired 2 1/2 sections of land and associated 3D seismic which we are currently processing using our proprietary analysis. We also own other land in the general area which may be prospective for Detrital production.

Alexander will continue to focus on maximizing the Company’s value, reducing the debt, and preparing for a process to maximize shareholder value, possibly this fall.

Recently Alexander has received communication from some significant shareholders who have indicated they would like to take control of the Company. After the numerous expensive distractions and disruptions the Company has experienced over the past few years we have now built positive momentum and a positive environment. We do not believe that yet another management team is in the best interests of shareholders.

Specific accomplishments for Alexander in 2013 include:

Increased cash flow to $1.8 million in Q1 2013 ($0.03/share), up 47% over Q1 2012. Reduced funds spent on legal, proxy, financial advisor and director fees to $1,800 per month, down 98% from the $85,000 per month spent prior to the September 2012 AGM. Oil production increased to 452 bbls/day, up 37% over Q1 2012. Increased average production volumes to 900 barrels of oil equivalent per day representing a 17% increase over the 769 boe per day of production in the first quarter of 2012. Executed a drilling program with 100% success, investing $1.5 million, drilling 2 gross (1.73 net) oil wells. The 7-7 well is on stream and producing at 60 bbls/day (48 bbls/day net), and the 12-12 well tested at 240 bbls/day (226 bbls/day net) and is currently being tied in. Received approval from the ERCB to extend maximum production allowable per well of 125 bbls/day until spring, 2014. Carried out a recompletion/workover on the 11-12 well that tested at over 260 bbls/day (244 bbls/day net). Improved the Company’s operating netback to $26.04 per boe representing an 8% increase over the same period in 2012. Acquired 2.5 sections of land east of our current acreage complete with 3D seismic (East Detrital). Preliminary evaluations indicate the potential of additional Detrital sands. Reduced net debt to annualized cash flow ratio to 1.7:1. Expecting over 200 bbls/day (net) of production additions in Q2 2013.

To receive Press Releases and Corporate Updates directly via email send your email address to info@alexanderenergy.ca.

Highlights

Financial summary

Three months ended March 31, 2013 2012 % Change Oil and natural gas revenue $ 3,647 $ 2,856 28 Cash flow from operations 1 1,802 1,228 47 Per share – basic and diluted 0.03 0.02 32 Comprehensive income (loss) 22 (111) (120) Per share – basic and diluted 0.00 (0.00) – Total assets 33,161 32,321 2 Net debt 1 12,297 12,451 (1) Capital expenditures $ 1,497 $ 846 77 Shares outstanding – end of period 62,239,477 62,239,477 –

thousands of CDN$ – except per share amounts
1 Non-IFRS measure

Production and commodity prices

Three months ended March 31, 2013 2012 % Change Daily production Oil and NGLs (bbl/d) 452 330 37 Natural gas (mcf/d) 2,685 2,631 2 Oil equivalent (boe/d @ 6:1) 900 769 17 Realized commodity prices ($CDN) Oil and NGLs (bbl/d) $ 70.54 $ 77.25 (9) Natural gas (mcf/d) 3.22 2.37 36 Oil equivalent (boe/d @ 6:1) $ 45.05 $ 41.27 9

Oil and natural gas revenue by product

Three months ended March 31, 2013 2012 % Change Oil and NGLs (bbl/d) $ 2,870 $ 2,295 25 Natural gas (mcf/d) 777 561 39 Total revenue $ 3,647 $ 2,856 28 % Oil and NGLs 79% 80% % Natural gas 21% 20%

thousands – CDN$

Netbacks

Three months ended March 31, 2013
($/boe)
2012
($/boe) % Change Operating netback ($ / boe) Revenue 45.05 41.27 9 Royalties 6.40 3.99 60 Operating expenses 12.61 13.18 (4) Operating netback per boe 26.04 24.10 8 Realized gain (loss) on financial derivative instruments 1.63 (1.42) 215 General and administrative expenses 3.68 3.01 22 Interest expense 1.73 1.94 (11) Cash flow from operations per boe 22.26 17.74 25

Liquidity and Financial Condition

As at March 31, 2013, bank debt including working capital (net debt) was $12.3 million. The Company’s net debt to first quarter 2013 annualized cash flow from operations was 1.7:1 (March 31, 2012 – 2.5:1).

Alexander has flexibility to finance future expansions of its capital programs, through the use of its current funds generated from operations and its debt facilities. The Company expects to continue to improve the net debt to cash flow ratio in 2013.

Effective March 20, 2013 the Company renewed its credit facilities with a Canadian Chartered Bank. Facility A is a revolving operating demand loan with a maximum limit of $13.0 million. Facility B is a non-revolving acquisition/development demand loan that provides an additional $2.25 million of financing subject to bank approval. Interest is at prime plus 2.0% per annum for Facility A and prime plus 2.5% per annum for Facility B. The Company has the ability to draw on the development loan for acquisitions and the drilling of new wells subject to certain working capital ratio restrictions.

For the balance of 2013, Alexander plans to invest approximately $5.0 million on its capital program within its core area. Alexander intends on financing this capital program from cash flow from operations.

Financial Derivative Instruments

The Company had the following financial derivative instrument contracts in place at March 31, 2013:

Description Total Quantity Price Remaining
Term
Oil WTI (CDN$) – Swap 150 bbls/day $ 104.94/bbl April 1 – December 31, 2013 Oil WTI (CDN$) – Sold Call 100 bbls/day $ 100.08/bbl April 1 – October 31, 2013 Gas AECO (CDN$) – Bought Put 1,000 gj/day $ 3.00/gj April 1 – October 31, 2013

The following tables summarize the realized and unrealized gains and losses on financial derivative instruments for the period ended March 31, 2013:

Three months ended March 31, 2013 2012 Realized gain (loss) on financial derivative instruments $ 132 $ (98) Unrealized loss on financial derivative instruments (381) (71) Loss on financial derivative instruments $ (249) $ (169)

thousands – CDN$

On April 12, 2013 the Company entered into a financial derivative instrument contract.

Description Total Quantity Price Remaining
Term
Gas AECO – Swap 700 gj/day $ 3.58/gj January 1 – December 31, 2014

Earnings and Cash Flow Summary

Three months ended March 31, 2013 2012 % Change 2013
($/boe)
2012
($/boe) % Change Oil and natural gas revenue 3,647 2,856 28 45.05 41.27 9 Royalties 518 276 88 6.40 3.99 60 Revenue after royalties 3,129 2,580 21 38.65 37.28 4 Production and operating expenses 1,021 912 12 12.61 13.18 (4) Operating netback 1 2,108 1,688 26 26.04 24.10 8 Realized gain (loss) on financial derivative instruments 132 (98) 235 1.63 (1.42) 215 General & administrative expenses 298 208 43 3.68 3.01 22 Interest and other financing charges 140 134 4 1.73 1.94 (11) Cash flow from operations 1 1,802 1,228 47 22.26 17.74 25 Unrealized gain (loss) on financial derivative instruments (381) (71) 437 (4.71) (1.03) 359 Other income 230 (100) 0.00 3.32 (100) Share based compensation 87 (100) 0.00 1.26 (100) Accretion 11 11 – 0.14 0.16 (15) Depletion and depreciation 1,388 1,400 (1) 17.15 20.23 (15) Comprehensive income (loss) 22 (111) (120) 0.27 (1.60) (117) Per Share – Basic 0.00 (0.00) Per Share – Diluted 0.00 (0.00)

thousands of CDN$ – except per share amounts
1 Non-IFRS measure

Forward-Looking Statements: All statements, other than statements of historical fact, set forth in this news release, including without limitation, assumptions and statements regarding the volumes and estimated value of the Company’s proved and probable reserves, future production rates, exploration and development results, financial results, and future plans, operations and objectives of the Company are forward-looking statements that involve substantial known and unknown risks and uncertainties. Some of these risks and uncertainties are beyond management’s control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, availability of materials, equipment and third party services, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

These assumptions and statements necessarily involve known and unknown risks and uncertainties inherent in the oil and gas industry such as geological, technical, drilling and processing problems and other risks and uncertainties, as well as the business risks discussed in Management’s Discussion and Analysis of the Company under the heading “Business Risks”. The Company does not undertake any obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.

Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Contact:

Alexander Energy Ltd.

Hugh M. Thomson

Vice-President Finance and Chief Financial Officer

(403) 523-2505

(403) 264-1348

hughthomson@alexanderenergy.ca
www.alexanderenergy.ca […]

OMNOVA Solutions Reduces Financing Costs and Extends Maturity With Completion of Term Loan Amendment

FAIRLAWN, Ohio, March 11, 2013 /PRNewswire/ — OMNOVA Solutions Inc. (OMN) today announced the successful completion of an amendment to its $200 million Term Loan Credit Facility ($195.5 million outstanding). Key changes in terms include a one-year extension of the facility maturity to May 2018 and a reduction in borrowing spreads of 1.25%. Effective March 7, the new floating interest rate is 4.25%. The annual interest expense savings of the amended Term Loan Facility is approximately $2.4 million at current LIBOR rates. The Company will record a charge of approximately $1.5 million in the 2013 second quarter related to this transaction.

In addition to the Term Loan Facility, OMNOVA’s long term capital structure includes $250 million of Senior Notes with a coupon of 7.875% which matures in November 2018. The Company’s liquidity position as of November 30, 2012 totaled $222.5 million which included $148.5 million of cash, cash equivalents and restricted cash, and $74.0 million of availability under an asset-based revolving credit facility.

This press release includes “forward-looking statements” as defined by federal securities laws. These statements, as well as any verbal statements by the Company in connection with this press release, are intended to qualify for the protections afforded forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectation, judgment, belief, assumption, estimate or forecast about future events, circumstances or results and may address business conditions and prospects, strategy, capital structure, sales, profits, earnings, markets, products, technology, operations, customers, raw materials, financial condition, and accounting policies, among other matters. Words such as, but not limited to, “will,” “may,” “should,” “projects,” “forecasts,” “seeks,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “optimistic,” “likely,” “would,” “could,” and similar expressions or phrases identify forward-looking statements.

All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in business generally and the markets in which the Company operates or proposes to operate. Other risks and uncertainties are more specific to the Company’s businesses including businesses the Company acquires. The occurrence of such risks and uncertainties and the impact of such occurrences is often not predictable or within the Company’s control. Such impacts could adversely affect the Company’s results and, in some cases, such effect could be material.

All written and verbal forward-looking statements attributable to the Company or any person acting on the Company’s behalf are expressly qualified in their entirety by the risks, uncertainties, and cautionary statements contained herein. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation, and specifically declines any obligation other than that imposed by law, to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Risks and uncertainties that may cause actual results to differ materially from expected results include, among others: economic trends and conditions affecting the economy in general and/or the Company’s end-use markets; prices and availability of raw materials including styrene, butadiene, vinyl acetate monomer, polyvinyl chloride, acrylonitrile, acrylics and textiles; ability to increase pricing to offset raw material cost increases; product substitution and/or demand destruction due to product technology, performance or cost disadvantages; high degree of customer concentration and potential loss of a significant customer; supplier, customer and/or competitor consolidation; customer credit and bankruptcy risk; failure to successfully develop and commercialize new products; a decrease in regional customer demand due to reduced in-region production or increased import competition; risks associated with international operations including political unrest, fluctuations in exchange rates, and regulatory uncertainty; failure to successfully implement productivity enhancement and cost reduction initiatives; risks associated with chemical handling and manufacturing and with acts of war, terrorism, natural disasters or accidents, including fires, floods, explosions and releases of hazardous substances; unplanned full or partial suspension of plant operations; ability to comply, and cost of compliance with legislative and regulatory changes, including changes impacting environmental, health and safety compliance and changes which may restrict or prohibit the Company from using or selling certain products and raw materials; losses from the Company’s strategic alliance, joint venture, acquisition, integration and operational activities; rapid inflation in health care costs; loss of key employees and inability to attract and retain new key employees; prolonged work stoppage resulting from labor disputes with unionized workforce; changes in, and significant contributions required to meet, pension plan funding obligations; attacks on and/or failure of the Company’s information systems; infringement or loss of the Company’s intellectual property; litigation and claims against the Company related to products, services, contracts, employment, environmental, safety, intellectual property and other matters; adverse litigation judgments or settlements; absence of or inadequacy of insurance coverage for litigation judgments, settlements or other losses; stock price volatility; availability of financing at anticipated rates and terms; and loan covenant default arising from substantial debt and leverage and the inability to service that debt, including increases in applicable short-term or long-term borrowing rates.

For further information on risks and uncertainties, see the Company’s Form 10-K and 10-Q filings with the Securities and Exchange Commission.

OMNOVA Solutions Inc. is a technology-based company with sales for the fiscal year ending November 30, 2012 of $1.1 billion and a global workforce of approximately 2,400. OMNOVA is an innovator of emulsion polymers, specialty chemicals, and decorative and functional surfaces for a variety of commercial, industrial and residential end uses. Visit OMNOVA Solutions on the internet at www.omnova.com.

[…]

Noront Closes US$15.0 Million Loan Facility with Resource Capital Fund V

TORONTO, ONTARIO–(Marketwire – Feb 26, 2013) – Noront Resources Ltd. (“Noront” or the “Company”) (TSX VENTURE:NOT) is pleased to announce that it has entered into a loan facility with Resource Capital Fund V L.P. (“RCF”) in the aggregate principal amount of US$15.0 million (the “Facility”). The Facility is a one year bridge loan (the “Bridge Loan”) which matures on February 25th, 2014 and automatically rolls into a convertible loan (the “Convertible Loan”) with a maturity date of December 31, 2015, if the Facility is not repaid prior to the Bridge Loan maturity date. The proceeds from the Facility will be used to further the development of the Company”s advanced stage Eagle”s Nest nickel, copper, platinum, palladium project; for working capital and for corporate requirements.

The Facility will bear interest at 10% per annum during the Bridge Loan period and at 8% per annum during the Convertible Loan period. Interest will be paid quarterly, in arrears, in common shares of the Company based on the volume weighted average trading price of the Company”s common shares during the 20 days prior to the date of each interest period determination, or at RCF”s option, in cash. The Facility will be secured by a first ranking perfected lien over all assets associated with the Company”s projects, initially excluding the Company”s interest in the Windfall Lake gold project; all shares or equity interests in subsidiaries of the Company and all intercompany debt. An Establishment Fee of 2% of the principal amount of the Facility will be paid to RCF in common shares of the Company, to be issued on the entering into of the Facility, with such shares valued using the volume weighted average trading price for the twenty days prior to November 28th, 2012.

The Convertible Loan may be converted into common shares of the Company at the option of RCF at a price of $0.45 cents per share at any time subsequent to the Bridge Loan maturity date and prior to December 31, 2015 (the “Conversion Rights”). RCF has an existing equity ownership interest in Noront of approximately 18%. If the Bridge Loan rolls into the Convertible Loan then, on a partially diluted basis, RCF”s equity ownership interest will exceed 20% of the total number of outstanding shares of the Company. Shareholder approval is therefore required to grant the Conversion Rights and is a condition to entering into the Facility (which includes the Conversion Rights) after closing. The Facility requires the Company to hold a special meeting of shareholders to approve the Convertible Loan before the end of April 2013. If the Company”s shareholders do not approve the Convertible Loan, then the Facility will mature on the Bridge Loan maturity date and the interest rate will increase to 15% per annum for the period beginning on the date of the special meeting of shareholders and ending on the Bridge Loan maturity date.

About Noront: Noront Resources Ltd. is focused on development of the high-grade Eagle”s Nest nickel, copper, platinum and palladium deposit and the high-grade Blackbird chromite deposit, both of which are located in the James Bay lowlands of Ontario in an emerging metals camp known as the Ring of Fire.

For further information please visit Noront”s website at: http://www.norontresources.com or search the Company”s publically filed documents on SEDAR at: http://www.sedar.com.

FORWARD-LOOKING STATEMENTS

This release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company”s businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.

Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “planning”, “planned”, “expects” or “looking forward”, “does not expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “does not anticipate”, or “belief”, or describes a “goal”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Company”s publicly filed documents. Although Noront has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Contact:

Noront Resources Ltd.

Olya Yousefi

Manager, Corporate Communications

(416) 367-1444

www.norontresources.com […]