NOB:CC - Noble Acquires Mann Twp Claims and Spruce Ridge Units and Agrees to Purchase Interest in Carnegie Twp Claims
(TheNewswire)
Toronto, Ontario – TheNewswire - June 11, 2024 – Noble Mineral ExplorationInc. ( “Noble” or the “Company” ) (TSX-V:NOB, FRANKFURT: NB7, OTCQB:NLPXF) ispleased to provide the following updates:
Acquisition of Mann Twp Claims
Noble has acquired a total of 240 mining claims (the“ Mann Claims ”) in Mann,Duff, and Reaume Townships, covering an area totaling approximately5,000 hectares. The Mann Claims were acquired after payment,exploration expenditure commitments and other conditions weresatisfied in accordance with on option agreement entered into by Noblein 2021. Under the transaction, the optionors have retained a 2% NSRand a 10% Gross Stone Products Royalty subject to Noble’s rightto buyback half of such royalties as further described in a royaltyagreement between the parties . For furtherdetails regarding the original transactions on the Mann Claims andcertain additional properties (collectively, the “Properties ”),please refer to the news releases issued by Noble on August 11, 2021and on July 31, 2023.
The Properties are a portion of the 625 mining claims(the “ OptionedClaims ”) that are currently subject to anoption and joint venture agreement between Noble and Canada NickelCompany Inc. (“ CanadaNickel ”) whereby Canada Nickel has the rightto acquire an up to 80% interest in the Optioned Claims subject tosatisfying certain conditions. For further details regarding theoption and joint venture agreement between Noble and Canada Nickel,please refer to the news release issued by Noble on February 24,2022.
Canada Nickel has expressed its interest in exercisingits option to acquire an 80% interest in the Properties from Noblepursuant to the option and joint venture agreement. For furtherdetails, please refer to the news release issued by Noble on April 22,2024.
Acquisition of 1,500,000 Units fromSpruce Ridge
Noble further announces the acquisition of 1,500,000units from Spruce Ridge Resources Ltd. (“ Spruce ”) pursuantto a non-brokered private placement conducted by Spruce which closedon December 20, 2023 (the “ Transaction ”). For further details on thatprivate placement, please refer to the news release issued by Spruceon December 21, 2023.
Noble acquired the Spruce units at a price of $0.05 perunit, for an aggregate purchase price of $75,000. Each unit comprisedone Spruce common share (“ Common Share ”) and one half of a Sprucecommon share purchase warrant. Each whole common share purchasewarrant grants Noble the right to acquire one Common Share for $0.10within a two-year period after issuance. All securities issued bySpruce to Noble were subject to a four month hold period.
Pursuant to the policies of the TSX Venture Exchange(the " Exchange "), Noble and Spruce areconsidered non-arm’s length parties as of the date of theTransaction because they share two directors who serve on theirrespective boards. For the same reason, the Transaction is considered a"related party transaction" pursuant to Policy 5.9 of theExchange and Multilateral Instrument 61-101 – Protection of MinoritySecurity Holders in Special Transactions (" MI 61-101 ").Noble has relied on exemptions from the formal valuation and minorityshareholder approval requirements of MI 61-101 to complete theTransaction on the basis that no securities of the Company are listedon a specified market and the consideration paid by Noble for theSpruce units does not exceed 25% of the market capitalization of theCompany.
Agreements to Purchase Interest inCarnegie Properties
Noble has agreed to purchase from a co-owner a 50%interest in 317 patented and tenure identified mining claims inCarnegie, Kidd, Wark and Prosser Townships totaling approximately6,600 hectares (the “ FirstCarnegie Property ”), and a 51% interest incertain mining claims in Carnegie Township totaling approximately4,978 hectares (the “ Second CarnegieProperty ”). Upon closing of thesetransactions, Noble will hold a 100% interest in each property,subject to 2% NSRs held by prior owners or their assigns. Theconsideration payable by Noble for the acquisition of the co-owner’sinterest in the First Carnegie Property is a total of 162,000 commonshares in the capital of Canada Nickel. The consideration payable byNoble for the acquisition of the co-owner’s interest in the SecondCarnegie Property is a total of 50,000 Canada Nickel common shares.Closing of these transactions is subject to customary conditions andregulatory approvals (to the extent applicable).
About Noble Mineral ExplorationInc.:
Noble Mineral Exploration Inc. is a Canadian-basedjunior exploration company which, in addition to its shareholdings inCanada Nickel Company Inc., Spruce Ridge Resources Ltd., Go MetalsCorp. and MacDonald Mines Exploration Ltd., and its interest in theHoldsworth gold exploration property in the area of Wawa, Ontario,will continue to hold ~25,000 hectares of mineral rights in theTimmins-Cochrane areas of Northern Ontario known as Project 81, aswell as an additional ~11,000 hectares in the Timmins area and ~14,400hectares of mining claims in Central Newfoundland. Project 81 hostsdiversified drill-ready gold, nickel-cobalt and base metal explorationtargets at various stages of exploration. It will also hold its~14,600 hectares in the Nagagami Carbonatite Complex and its ~4,600hectares in the Boulder Project both near Hearst, Ontario, as well as~3,700 hectares in the Buckingham Graphite Property, ~10,152 hectaresin the Havre St Pierre Nickel, Copper, PGM property, ~518 hectaresin the Laverlochere Nickel, Copper, PGM property and ~482 hectares inthe Cere-Villebon Nickel, Copper, PGM property, all of which are inthe province of Quebec. More detailed information is available onthe website at www.noblemineralexploration.com .
Noble’s common shares trade on the TSX VentureExchange under the symbol “NOB”.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release. No stock exchange,securities commission or other regulatory authority has approved ordisapproved the information contained herein.
The foregoing information may contain forward-lookingstatements relating to the future performance of Noble MineralExploration Inc. Forward-looking statements, specifically thoseconcerning future performance, are subject to certain risks and uncertainties, andactual results may differ materially from the Company’s plans andexpectations. These plans, expectations, risks and uncertainties aredetailed herein and from time to time in thefilings made by the Company with the TSX Venture Exchange andsecurities regulators. Noble Mineral Exploration Inc. does notassume any obligation to update or revise its forward-lookingstatements, whether as a result of new information, future events orotherwise.
Contacts:
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
Email: info@noblemineralexploration.com
Investor Relations: ir@noblemineralexploration.com
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