To answer some of your questions wrt TSX listing, see my post in May last year (still valid me thinks. update - i) Met). Is the recent financing anything to do with iii)? Okay. I'll stop my spetulation.

http://agoracom.com/ir/Noront/forums/discussion/topics/232833-listed-on-tsx/messages/844263#message

Listed on TSX

Since lots of us have been suggesting NOT listed on TSX for quite a while and it hasn’t happened yet, I did a little dig to see why NOT is not acting.

From the following, we can see that NOT does not meet the TSX listing requirements yet.

i) I suppose the detailed report is NI 43-101 compliant? NOT targeting at the end of June?

ii) Met

iii) NOT has ~50M in bank. As FANTOMAS wrote on Apr 19, NOT monthly cash burn rate is ~3.6M. So we have roughly 14 months.

iv) Met

v) Met

To draw a conclusion, to be listed on TSX, NOT probably has to do another financing later this year and finish 43-101 asap.

Correct me if I’m wrong.

http://tsx.complinet.com/en/display/...

Sec. 314. Requirements for Eligibility for Listing Subject to Section 501¹⁵

b) Mineral Exploration and Development—Stage Companies

i) an Advanced Property, detailed in a report prepared by an independent qualified person¹⁸. The Exchange will generally consider a property to be sufficiently advanced if continuity of mineralization is demonstrated in three dimensions at economically interesting grades;

ii) a planned work programme of exploration and/or development, of at least $750,000¹⁹ that is satisfactory to the Exchange, will sufficiently advance the property and is recommended by an independent qualified person²⁰;

iii) sufficient funds to complete the planned programme of exploration and/or development on the company's properties, to meet estimated general and administrative costs, anticipated property payments and capital expenditures for at least 18 months. A management-prepared 18 month projection (by quarter) of sources and uses of funds detailing all planned and required expenditures signed by the Chief Financial Officer must be submitted;

iv) working capital of at least $2,000,000²¹ and an appropriate capital structure; and

v) net tangible assets²² of $3000000.

Property Ownership—A company must hold or have a right to earn and maintain at least a 50% interest in the qualifying property. Companies holding less than a 50% interest, but not less than a 30% interest, in the qualifying property may be considered on an exceptional basis, based on programme size, stage of advancement of the property and strategic alliances. Where a company has less than a 100% interest in a qualifying property, the programme expenditure amounts attributable to the company will be determined based on its percentage ownership²³.

Industrial Minerals—Industrial mineral companies (those with properties containing minerals which are not readily marketable) not currently generating revenues from production will normally be required to submit commercial contracts and meet the requirements under paragraph 314(a).

http://tsx.complinet.com/en/display/...

Sec. 314.1. Requirements for Eligibility for Listing exempt from Section 501²⁴

a) net tangible assets²⁵ of $7,500,000;

b) pre-tax profitability from ongoing operations in the fiscal year immediately preceding the filing of the listing application;

c) pre-lax cash flow of $700,000 in the fiscal year immediately preceding the filing of the listing application and an average pre-tax cash flow of $500,000 for the two fiscal years immediately preceding the filing of the listing application;

d) proven and probable reserves to provide a mine life of at least 3 years, calculated by an independent qualified person²⁶ and

e) adequate working capital to carry on the business and an appropriate capital structure.

Exceptional circumstances may justify the granting of an exemption from Section 501, in which case the application will be considered on its own merits. "Exceptional circumstances" for this purpose will normally be confined to an affiliation with a substantial established enterprise and/or an exceptionally strong financial position.