Noble Mineral Exploration Inc. announces that it has obtained a $625,000 interest-free unsecured loan from a third-party lender.
Noble Mineral Exploration Inc. (“Noble” or the “Company”) (TSXV:NOB) (FRANKFURT:NB7) (OTC:NLPXF) announces that it has obtained a $625,000 interest-free unsecured loan (the “Loan”) from a third-party lender (the “Lender”). The proceeds of the Loan will be applied to repay Noble’s indebtedness to Spruce Ridge Resources Ltd. (the “Creditor”) under the interest-free promissory note issued to the Creditor in connection with the completion of the ownership consolidation and spin-out of the Crawford Nickel project earlier this year. After applying the Loan proceeds in this manner, the total outstanding due to the Creditor will be reduced to $125,000
The Loan from the Lender has a maturity date of June 25, 2021 and will be interest-free until maturity, unless Noble fails to make a payment due. Under the Loan, Noble has agreed that if it sells any Lender securities that it owns, a minimum of 50% of the proceeds of that sale will be paid to Lender (until the principal amount of the Loan has been repaid). If Noble fails to make any payment due under the Loan, interest at 12% per annum will accrue (compounded monthly) retroactive to the date of the Loan until all principal and interest has been repaid. Noble has the right to prepay the Loan at any time.
Noble has received conditional approval of the TSX Venture Exchange (the “Exchange“) to proceed with the Loan, and closing of the Loan is subject to final approval of the Exchange, as well as any other required regulatory approvals.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its shareholdings in Canada Nickel Company Inc., Spruce Ridge Resources Ltd. and MacDonald Mines Exploration Ltd., and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, holds approximately 72,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81. Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration. 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.
Noble Mineral Exploration Inc.
H. Vance White, President
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