Noble Repays Debt through the Transfer of 50% Carbon Royalty and Block B of Project 81
Toronto, Ontario / TNW-ACCESSWIRE / September 24, 2014 / Noble Mineral Exploration Inc. (the "Company", "Noble" or "NOB") (TSX-V:NOB, FRANKFURT:NB7, OTC.PK:NLPXF) announces the transfer of the Company's carbon royalty over Block A of Project 81 for an agreed value of $243,258, as well as title to the Block B lands of Project 81 for an agreed value of $1,250,000. The Company has the right to repurchase the whole of the carbon royalty over Block A of Project 81 or Block B of Project 81 at any time during the period ending one year after the closing. As a result of the transaction, Noble has repaid all secured debt owed by the Company to Kreative Ventures Limited, for a total principal amount of $1,493,258. Concurrent with the completion of this transaction, Noble also repaid all accrued and unpaid interest on that loan.
The transaction was approved by affirmative vote of disinterested shareholders at a special meeting held on June 20, 2014, and subsequently received final approval from the TSX Venture Exchange. Further details of the transaction are available in the information circular prepared and filed by the Company for the special meeting of its shareholders held on June 20, 2014, a copy of which is available on SEDAR.
The Company also wishes to announce that it has terminated a Letter of Intent with Canna-Saver LLC whereby a Noble subsidiary would have acquired a 50% interest in Canna-Saver LLC. The details of the Letter of Intent are more fully described in a news release dated June 9, 2014.
Regarding Noble's current operations, Noble advises that it will continue to focus its attention on the vast mineral potential of Block A of Project 81, which is comprised of mineral rights holdings in the Timmins-Cochrane district. A detailed geological and geophysical interpretation of exploration of this property is in the process of being completed. Noble is also considering and working towards entering into an arrangement for its Holdsworth Gold Oxide Sand project in the Wawa district in order to realize on the value of that project. Both projects are located in Northern Ontario. Noble will continue to work to advance the exploration of these properties through initiatives that Noble hopes will include joint venture arrangements with other exploration and mining partners.
In addition the Company is seeking to redirect the company's activities towards opportunities that are likely to generate cash flow in the near to medium term.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian based junior exploration company holding in excess of 72,000 hectares of mineral rights in the Timmins - Cochrane areas of Northern Ontario. The Company also holds a portfolio of diversified exploration projects at various stages of exploration Gold in the Wawa area of Northern Ontario, and Uranium in Northern Saskatchewan. More detailed information is available on the website at www.noblemineralexploration.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
Email: info@noblemineralexploration.com
Investor Relations
Email: ir@noblemineralexploration.com
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