Noble Announces Debenture Closing and Completion of Second Payment for Project 81
11.04.2012 | Marketwire
TORONTO -- (Marketwire - Apr 11, 2012) - Noble Mineral Exploration Inc. (the "Company", "Noble" or "NOB") (TSX VENTURE: NOB) (FRANKFURT: NB7) (PINKSHEETS: NLPXF) today announced that Franco-Nevada Corporation has purchased a secured convertible debenture from the Company in the principal amount of $1,500,000 (the "Debenture"), the proceeds of which have been used to repay a $1,500,000 promissory note. The promissory note matured on April 10, 2012 and was payable to AbiBow Canada Inc. The principal amount of the Debenture is secured by a mortgage over the Company's Project 81, is convertible into common shares of the Company at a price of $0.20 per share, and bears interest at 5% per annum (payable on April 11th of each year until maturity on October 6, 2014). The Debenture is in addition to the three-year debenture previously issued to Franco-Nevada Corporation on October 6, 2011 having a principal amount of $2,000,000.The promissory note corresponded to the second of three payments due to AbiBow Canada Inc. in connection with the previously announced acquisition of the Company's Project 81. A third and final payment of $1,500,000 which is due on October 9, 2012 remains payable to AbiBow Canada Inc. on this property.
About Project 81:
Project 81, the Company's flagship project, is a 72,218 hectare patented and staked land package divided into 2 blocks. The patents include surface, mineral and timber rights, and host a significant timber resource plus a number of zones that have historical exploration identifying nickel and gold mineralization (these sample results are historical and non 43-101 compliant) from work carried out in the 1960's and 1970's, which have been confirmed by recent assay results from the current, ongoing drill program.
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