Noble Announces Best Efforts Private Placement of Common Shares
Toronto, Ontario / TheNewswire / December 7, 2015 - Noble Mineral Exploration Inc. ("Noble") (TSX-V:NOB, FRANKFURT: NB7, OTC.PK:NLPXF) announces that it has engaged IBK Capital Corp. ("IBK") to complete a best efforts private placement of up to 30,000,000 common shares at a $0.01 per share for proceeds of up to $300,000. In connection with the private placement, the Company has agreed to pay IBK a cash commission of 9% of the amount raised and 10% of the amount raised in broker warrants.
The terms of the private placement were developed by reference to the TSX Venture Exchange (the "TSXV") Discretionary Waivers of $0.05 Minimum Pricing Requirement Bulletin dated April 7, 2014. Completion of the private placement is subject to Noble successfully identifying participating investors and obtaining final approval by the TSXV.
The proceeds from the private placement will be used by Noble in accordance with the following proposed budget:
| CORPORATE ADMINISTRATIVE EXPENSES | |
| Professional fees (Audit, Legal, Accounting)(1) | $83,000 |
| Executive compensation (2) | $14,000 |
| Shareholder-related expenses | $28,466 |
| Premises, insurance and other general and administration charges (3) | $24,784 |
| Sales agent fee on private placement | $15,750 |
| PROJECT EXPENDITURES | |
| Executive compensation (VP, exploration and Project Development)(4) | $9,000 |
| OTHER WORKING CAPITAL PURPOSES | Up to $125,000 |
| Total: | Up to $300,000 |
The Company will update shareholders when the private placement has been completed and TSXV final approval has been received.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian based junior exploration company holding in excess of 72,000 hectares of mineral rights in the Timmins - Cochrane areas of Northern Ontario. The Company also holds a portfolio of diversified exploration projects at various stages of exploration 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:
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
Email: info@noblemineralexploration.com
Investor Relations
Email: ir@noblemineralexploration.com
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