Noble Completes $521,000 Debt Financing
(via Thenewswire.ca)
Toronto, Ontario - December 28, 2012, Noble Mineral Exploration Inc. (the "Company", "Noble" or "NOB") (TSX-V:NOB, FRANKFURT:NB7, OTC.PK:NLPXF) announces that it has raised $521,000 in debt financing.
The completed loan (the "Loan") is from a syndicate of private lenders (the "December Lenders"). The Loan matures on December 21, 2016 and is secured by a mortgage on the property comprising Noble's Project 81, as well as by a charge on all other assets of the Company. The mortgage securing the Loan is subordinate in ranking to the mortgages in favour of Franco-Nevada Corporation with respect to debentures issued in October 2011 (for a principal amount of $2,000,000) and April 2012 (for a principal amount of $1,500,000). Pursuant to an intercreditor agreement, the December Lenders' security interest ranks equally with that of the lenders from the refinancing that closed on October 22, 2012. Interest accrues on the Loan at 12% per annum, with interest to be paid quarterly. As additional consideration to the parties advancing the Loan, Noble has issued a total of 2,084,000 common shares (issued at a deemed price of $0.05 per share). All securities issued in connection with this placement will be subject to a four-month hold period from December 21, 2012. The TSX Venture Exchange accepted the terms of the transaction on December 27, 2012.
The proceeds of the Loan will be used to repay debts and to provide working capital. As a result of the Loan, the Company will not be proceeding with the private placement that had been announced on December 10, 2012.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian based junior exploration company holding in excess of 72,000 hectares of property in the Timmins, Iroquois Falls and Smooth Rock Falls areas of Northern Ontario. The Company also holds a portfolio of diversified exploration projects at various stages of exploration and drilling for Vanadium, Nickel, Copper, Chromium and PGM in the 'Ring of Fire' McFauld's Lake Area of Northern Ontario, Gold in the Wawa area of Northern Ontario, and Uranium in Northern Saskatchewan.
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:
Noble Mineral Exploration Inc.
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
eMail:info@noblemineralexploration.com
Investor Relations
Phone: 416-214-2250
eMail: ir@noblemineralexploration.com
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