Nice confident definitive Q report, may have overlooked it but...

Nice confident definitive Q report, may have overlooked it but can anyone tell me what Noronex EMC stands for and at the end of the 5 year period after the $15m exploration funding S32 if they wish subscribe to 60% of the tenement package as is or extra tenements if it evolves that way. Sounds like the terms and price of the shares at 60% subscription will stay confidential which makes it attractive for S32 if it turns out to be a monster resource as I’m sure the agreement will be in a range but a low range which is fine and in saying that there will be no need for the ongoing SP to be heavily manipulated to be kept low during this 5 year period, excellent dealmaking for both parties imo.