Noble Completes Shares for Debt Settlement and Receives Conditional Approval of Private Placement
Toronto, April 7, 2017 - Noble Mineral Exploration Inc. ("Noble" or the "Company") (TSX-V:NOB, FRANKFURT:NB7, OTC.PK:NLPXF) is pleased to announce that it has completed the shares for debt transaction announced on March 17, 2017 after receiving the approval of the TSX Venture Exchange. Pursuant to the shares for debt transaction, the Company has issued 11,487,389 common shares (the "Shares") at a deemed price of $0.06 per Share to settle total indebtedness of $689,243.33. In accordance with applicable securities law, a total of 4,941,228 of the Shares issued in this transaction to certain creditors are subject to a four month hold period expiring on August 7, 2017.
Vance White, President and CEO of Noble, commented: "We are pleased to have made such tremendous progress in discharging significant amounts of the Company's obligations to its creditors. Having this support from our creditors is very positive and is helping to significantly improve our balance sheet, particularly considering the recent shareholdings we have acquired (and will be acquiring) in MacDonald Mines Exploration Ltd. as a result of the completed and announced transactions involving the Holdsworth property."
Noble is also pleased to announce that it has received conditional approval from the TSX Venture Exchange for the private placement announced on March 7, 2017. The proposed private placement would involve raising up to $1,050,000 through the issuance of up to 10,000,000 flow-through common share units at a price of $0.075 per unit, and up to 5,000,000 non-flow-through common share units at a price of $0.06 per unit. Each unit in the private placement would be comprised of one common share and one warrant exercisable at $0.10 per common share for five years. The Company has engaged IBK Capital Corp. as agent for the placement, and the conditional approval from the TSX Venture Exchange authorizes payment of a cash commission of 9% of the gross proceeds raised and the issuance of broker warrants equal to 10% of the units sold. The broker warrants would be exercisable for a five year period for one common share unit at $0.075 per unit (for broker units issued on the flow-through portion of the private placement) or $0.06 per unit (for broker units issued on the non-flow-through portion of the private placement). The conditional approval granted by the TSX Venture Exchange requires that Noble file final documentation for the private placement no later than April 24, 2017.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian based junior exploration company which, apart form its shareholdings in MacDonald Mines Exploration Ltd. and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, holds in excess of 70,641 hectares of mineral rights in the Timmins - Cochrane areas of Northern Ontario known as Project 81. Project 81 hosts diversified drill ready gold and base metal exploration targets at various stages of exploration. More detailed information is available on the website at www.noblemineralexploration.com.
Cautionary Statement:
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
2500 - 120 Adelaide St. West, Toronto, Ontario M5H 1T1
Phone: 416-214-2250
Toll Free: 866-214-9486
Fax: 416-367-1954
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