Toronto, Ontario / TheNewswire / April 21, 2017 - Noble Mineral Exploration Inc. ("Noble" or the "Company") (TSX-V:NOB, FRANKFURT: NB7, OTC.PK:NLPXF) announces the closing of the first tranche of its previously announced (see news releases dated March 7, 2017 and April 7, 2017) private placement (the "Private Placement") by issuing 3,233,333 common share units ("Common Share Units") at $0.06 per Common Share Unit and 1,533,000 flow-through units ("Flow-Through Units") at $0.075 per Flow-Through Unit. The aggregate gross proceeds raised in this Private Placement amount to $308,975.
Each Common Share Unit consists of one common share of Noble and one common share purchase warrant. Each such common share purchase warrant (a "Warrant") entitles the holder to acquire one common share of Noble at an exercise price of $0.10 per share for a period of 5 years following the closing. Each Flow-Through Unit consists of one common share of Noble issued as a "flow through share" and one non-flow-through Warrant.
In connection with the Private Placement, the Company paid a cash commission of $21,597.75 and issued 208,333 broker warrants exercisable at $0.06 per unit and 153,300 broker warrants exercisable at $0.075 per unit, each such broker warrant entitling the holder to acquire one common share of Noble and a Warrant exercisable at $0.10 per share for a period of 5 years following the closing.
The securities issued in this Private Placement are subject to a hold period of four months and one day.
The closing of the Private Placement is subject to the approval of the TSX Venture Exchange, as well as other required regulatory approvals. Noble was granted an extension by the TSX Venture Exchange to the deadline for filing final documentation for the Private Placement, with such documentation now required to be filed no later than May 19, 2017.
Noble will use the proceeds of the Private Placement to continue its exploration activities on Project 81 (in particular as relates to the proceeds raised from the sale of Flow-Though Units), to pay debts and for general working capital purposes.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian based junior exploration company which, apart from 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.
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.
H. Vance White, President