Noble Completes Conversion of Debentures and Reports MacDonald has Commenced Work on the Wawa-Holdsworth Project
Toronto, February 23, 2017 - Noble Mineral Exploration Inc. ("Noble" or the "Company") (TSX-V:NOB, FRANKFURT: NB7, OTC.PK:NLPXF) announces that, following the 1:5 share consolidation that took effect on January 18, 2017 (the "Consolidation"), it has converted all the debentures issued in the November 2016 private placement (the "Debentures") into 4,866,666 post-Consolidation common shares (the "Shares") and 4,866,666 warrants ( the "Warrants") of the Company. The interest accrued on the Debentures was paid in cash to the Debenture holders. Under the Debentures, the Company had the option, after the completion of the Consolidation, to convert the principal amount of the Debentures at any time prior to maturity into units of the Company (the "Units") at a conversion price of $0.075 per Unit. Upon Company's election to proceed with the conversion, each Unit split into one Share and one Warrant, each Warrant entitling the holder to purchase a Share of the Company at a price of $0.075 for a period of five years. The Shares and Warrants are subject to hold periods.
Following the conversion of Debentures, the Company has 40,816,389 issued and outstanding post-Consolidation common shares.
Wawa-Holdsworth Project (MacDonald Mines Operator)
MacDonald reports that Havenan Brothers completed 62 kilometres of line cutting at the Wawa-Holdsworth Project in order to conduct magnetic and electromagnetic surveys on the property. The Company intends to utilize this data to map, model and highlight prospective drill targets.
The Wawa-Holdsworth Project is comprised of 18 contiguous patented mining claims covering approximately 285 hectares, located 20 kilometres northeast of Wawa, Ontario.
Three gold targets have been identified on the property:
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..Lode Gold in traditional quartz veins, known as the "The Soocana Vein",
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..an oxidized cap at surface developed over a massive pyrite zone (Algoma Iron Formation) known as the "The Oxide Sands", and
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..the precursor to the Oxide Sands - a massive pyrite zone (Algoma Iron Formation) at depths, known as "The Massive Sulphide".
The Company believes that there is potential to find additional high-grade gold mineralization at the Wawa-Holdsworth Project.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian based junior exploration company holding in excess of 70,641 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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