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Toronto, Ontario TheNewswire - June 11, 2024 Noble Mineral Exploration Inc. ( "Noble" or the "Company" ) (TSX-V:NOB, FRANKFURT: NB7, OTCQB:NLPXF) is pleased to provide the following updates:
Acquisition of Mann Twp Claims
Noble has acquired a total of 240 mining claims (the " Mann Claims ") in Mann, Duff, and Reaume Townships, covering an area totaling approximately 5,000 hectares. The Mann Claims were acquired after payment, exploration expenditure commitments and other conditions were satisfied in accordance with on option agreement entered into by Noble in 2021. Under the transaction, the optionors have retained a 2% NSR and a 10% Gross Stone Products Royalty subject to Noble's right to buyback half of such royalties as further described in a royalty agreement between the parties . For further details regarding the original transactions on the Mann Claims and certain additional properties (collectively, the "Properties "), please refer to the news releases issued by Noble on August 11, 2021 and on July 31, 2023.
The Properties are a portion of the 625 mining claims (the " Optioned Claims ") that are currently subject to an option and joint venture agreement between Noble and Canada Nickel Company Inc. (" Canada Nickel ") whereby Canada Nickel has the right to acquire an up to 80% interest in the Optioned Claims subject to satisfying certain conditions. For further details regarding the option and joint venture agreement between Noble and Canada Nickel, please refer to the news release issued by Noble on February 24, 2022.
Canada Nickel has expressed its interest in exercising its option to acquire an 80% interest in the Properties from Noble pursuant to the option and joint venture agreement. For further details, please refer to the news release issued by Noble on April 22, 2024.
Acquisition of 1,500,000 Units from Spruce Ridge
Noble further announces the acquisition of 1,500,000 units from Spruce Ridge Resources Ltd. (" Spruce ") pursuant to a non-brokered private placement conducted by Spruce which closed on December 20, 2023 (the " Transaction "). For further details on that private placement, please refer to the news release issued by Spruce on December 21, 2023.
Noble acquired the Spruce units at a price of $0.05 per unit, for an aggregate purchase price of $75,000. Each unit comprised one Spruce common share (" Common Share ") and one half of a Spruce common share purchase warrant. Each whole common share purchase warrant grants Noble the right to acquire one Common Share for $0.10 within a two-year period after issuance. All securities issued by Spruce to Noble were subject to a four month hold period.
Pursuant to the policies of the TSX Venture Exchange (the " Exchange "), Noble and Spruce are considered non-arm's length parties as of the date of the Transaction because they share two directors who serve on their respective boards. For the same reason, the Transaction is considered a "related party transaction" pursuant to Policy 5.9 of the Exchange and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). Noble has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 to complete the Transaction on the basis that no securities of the Company are listed on a specified market and the consideration paid by Noble for the Spruce units does not exceed 25% of the market capitalization of the Company.
Agreements to Purchase Interest in Carnegie Properties
Noble has agreed to purchase from a co-owner a 50% interest in 317 patented and tenure identified mining claims in Carnegie, Kidd, Wark and Prosser Townships totaling approximately 6,600 hectares (the " First Carnegie Property "), and a 51% interest in certain mining claims in Carnegie Township totaling approximately 4,978 hectares (the " Second Carnegie Property "). Upon closing of these transactions, Noble will hold a 100% interest in each property, subject to 2% NSRs held by prior owners or their assigns. The consideration payable by Noble for the acquisition of the co-owner's interest in the First Carnegie Property is a total of 162,000 common shares in the capital of Canada Nickel. The consideration payable by Noble for the acquisition of the co-owner's interest in the Second Carnegie Property is a total of 50,000 Canada Nickel common shares. Closing of these transactions is subject to customary conditions and regulatory approvals (to the extent applicable).
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., Go Metals Corp. and MacDonald Mines Exploration Ltd., and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, will continue to hold ~25,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81, as well as an additional ~11,000 hectares in the Timmins area and ~14,400 hectares of mining claims in Central Newfoundland. Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration. It will also hold its ~14,600 hectares in the Nagagami Carbonatite Complex and its ~4,600 hectares in the Boulder Project both near Hearst, Ontario, as well as ~3,700 hectares in the Buckingham Graphite Property, ~10,152 hectares in the Havre St Pierre Nickel, Copper, PGM property, ~518 hectares in the Laverlochere Nickel, Copper, PGM property and ~482 hectares in the Cere-Villebon Nickel, Copper, PGM property, all of which are in the province of Quebec. More detailed information is available on the website at www.noblemineralexploration.com .
Noble's common shares trade on the TSX Venture Exchange under the symbol "NOB".
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: ir@noblemineralexploration.com
Copyright (c) 2024 TheNewswire - All rights reserved.
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