Toronto, Ontario / TheNewswire / September 7, 2017 - Noble Mineral Exploration Inc. ("Noble" or the "Company") (TSX-V:NOB, FRANKFURT: NB7, OTC.PK:NLPXF) is pleased to announce that the financing (the "Private Placement") it announced on August 25, 2015 has been fully subscribed for. As previously announced (see the Company's news release of September 1, 2017), aggregate gross proceeds of $827,000 were raised through the issuance of 13,783,330 common share units in a first tranche closing. Subscriptions have been confirmed for the balance of the common share units and flow-through units in the Private Placement.
Noble will therefore close on these subscriptions, such that approximately $373,000 of additional funding is raised through the issuance of 6,216,666 additional common share units, and approximately $750,000 of additional funding is raised for exploration expenditures through the issuance of 10,000,000 flow-through units. $89,800 will be payable by Noble as a cash commission, as well as 413,333 broker warrants exercisable for common share units at $0.06 per unit, and 1,000,000 broker warrants exercisable for common share units at $0.075 per unit. All broker warrants will be exercisable for 5 years.
Each common share unit in this Private Placement (or upon exercise of broker warrants) is comprised of one common share and one warrant exercisable at $0.10 per common share for 5 years. Each flow-through unit is comprised of one flow-through common share and one warrant exercisable at $0.10 per common share for 5 years.
The securities to be issued in the second tranche of the Private Placement will be 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 will use the proceeds of the Private Placement to continue its exploration activities, 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.
