Noble Raises $175,000 and Announces Latest Government Decision on Mining Land Taxes
Toronto, Ontario / TheNewswire / January 18, 2016 - Noble Mineral Exploration Inc. ("Noble" or the "Company") (TSX-V:NOB, FRANKFURT: NB7, OTC.PK:NLPXF) announces that it has raised gross proceeds of Cdn $175,000 through the issuance of 17,500,000 common shares at a price of Cdn$0.01 per common share in its previously announced best efforts private placement. (See Noble's news releases of December 7 & 8, 2015.) In connection with the private placement, the Company paid a cash commission of 9% of the amount raised and issued 1,750,000 compensation warrants exercisable for five years, each warrant exercisable at $0.05 for one common share. The common shares and compensation warrants issued are subject to a hold period expiring May 14, 2016.
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. Noble obtained conditional approval from the TSXV for this private placement, but it remains subject to final approval from the TSXV.
Noble also announces that Ontario's Ministry of Northern Development and Mines (the "MNDM") has declined the Company's request for a waiver of mining land taxes on the patented land rights currently comprising the bulk of Noble's Project 81. As previously announced (see Noble's news release of July 29, 2015), the Company replied to the MNDM's earlier rejection of Noble's waiver request with further submissions seeking mitigation of the mining land taxes assessed. The MNDM has now confirmed that these further submissions were rejected, and that the outstanding balance of mining land taxes owing on these properties for 2012, 2013, 2014 and 2015 stands at $894,950.20.
In its most recent notice, the MNDM has confirmed that interest on these outstanding amounts has been waived and will not begin to accrue until 60 days after the MNDM's invoice for 2016 mining land taxes has been issued. The MNDM's invoice for 2016 mining land taxes is expected to be issued in late January of 2016, such that interest on those taxes (and on the amounts for 2012 through 2015) would begin to accrue in late March of 2016.
Noble intends to pursue further discussions seeking a reversal or the MNDM's decision, as well as to consider other related steps seeking a reduction or elimination of mining land taxes on the patented mineral rights included in Noble's Project 81. In the most recent notice from the MNDM, Noble was advised that for any properties where more than 2 years of mining land taxes remain in arrears by December 31, 2016, the MNDM could commence forfeiture proceedings after December 31, 2016. The MNDM's decision does not affect any of the mineral claims (as opposed to patented rights) that are held by Noble and are included in the Project 81 area. These mineral claims have an area totaling approximately 14,880 hectares.
In rendering its decision, the MNDM has invited Noble to discuss a payment plan for outstanding taxes.
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
Copyright (c) 2016 TheNewswire - All rights reserved.