NLPXF - Noble Announces Dividend of Shares in Canada Nickel Company Inc.
(TheNewswire)
Toronto, Ontario – TheNewswire - March 9, 2022 – Noble Mineral ExplorationInc. ( “Noble” or the “Company” )(TSXV:NOB ) , ( FRANKFURT:NB7 ) , ( OTC:NLPXF) announced that its Board of Directors approved a special dividend-in-kind (the “ Dividend ”) of common shares of Canada Nickel Company Inc.(trading symbol TSX-V: CNC) (“ CNC”) to Noble’s shareholders. The Dividend ratio willbe 0.01725 of a CNC share per whole common share of Noble held (orapproximately 1 CNC share per 58 Noble shares held). No fractionalshares will be distributed as part of the Dividend. The shares ofCNC being distributed were primarily acquired by Noble through thetransaction that was most recently discussed in Noble’s news releaseof December 20, 2021, as well as in other transactions. After theDividend has been distributed, Noble anticipates that it will continueto hold nearly 2 million common shares of CNC, not including theadditional shares of CNC that Noble would receive if it completes theproposed transactions with CNC that are subject to approval byshareholders of Noble at its shareholder meeting on March 14, 2022.
The Board of Directors of Noble has approved the Dividend andestablished the close of business on Monday, April 18, 2022 (the“ Record Date ”) as therecord date for the Dividend. The Board of Directors has alsoestablished that the Dividend will be paid on or about Monday April25, 2022 (the “ Dividend PaymentDate ”). Based on the current value of CNC shares, theDividend corresponds to more than 25% of the current value ofNoble’s shares. As a result, the TSX Venture Exchange (the “ Exchange ”) will require Noble’sshares to trade on a “ DueBill ” basis starting from the opening of trading on April 14,2022 (the last trading day before the Record Date) until the close ofbusiness on April 25, 2022 (the “ Due Bill Period ’).
The Due Bill is effectively the entitlement to receive the Dividend. Shareholders who sell shares of Noble during the Due Bill Periodwill also sell their entitlement to the Dividend to the partiespurchasing those Noble shares. The Company’s common shares willbegin trading on an ex-dividend basis, or without the entitlement tothe Dividend, from the opening of trading on April 26, 2022 (being thenext trading day after the Dividend Payment Date). The Due Billswill be redeemed on April 27, 2022 once all trades with the attachedDue Bills entered during the Due Bill Period have settled.
The Canadian Depository for Securities (“ CDS ”) and otherdepositories will be notified of the Dividend and Dividend Payment Date, and theCompany will coordinate arrangements with CDS and other depositoriesfor the issuance and distribution of the Dividend. Beneficialshareholders, being those holding their Noble common shares throughbrokerage accounts where their Noble shares are held via CDS or otherdepositories should contact their brokers for further informationregarding payment of the Dividend.
Registered holders entitled to the Dividend, beingthose holding Noble share certificates and/or Noble shares under theDirect Registration System (“ DRS ”), will receive CNC shares by way of DRSstatements evidencing the CNC Shares to which they are entitled underthe Dividend.
Shareholders with questions regarding the tax treatmentof the Dividend should consult with their own tax advisors. To theextent that the Company has any further information to share regardingthe tax treatment of the Dividend, the Company will provide thatinformation in a subsequent news release.
The Dividend will be distributed on a pro rata basis. Nofractional shares or cash in lieu thereof (or any other form ofpayment) will be payable as part of the Dividend. To the extent thatthe application of the Dividend ratio results in a fraction of a CNCshare otherwise being payable, the number of CNC shares to bedistributed to a shareholder will be rounded down to the nearest wholenumber.
Shareholders should note that in addition to shares of Noble that arecurrently outstanding, there are warrants and options outstandingthat, if exercised, would result in 26,935,289 additional shares ofNoble being issued. Any number of, or all of, those warrants oroptions could be exercised prior to the Record Date of thisdistribution.
The Company has filed a Form 3E with the Exchange forthe Dividend, notifying the Exchange of the Record Date, Dividendratio and related issues. The Dividend is subject to any requiredregulatory approval, including the approval of the Exchange.
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. and MacDonaldMines Exploration Ltd., and its interest in the Holdsworth goldexploration property in the area of Wawa, Ontario, will continue tohold approximately 40,000 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 44,000hectares 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 itsrecently acquired Nagagami Carbonatite Complex near Hearst, Ontario,as well as the Buckingham Graphite Property, the Laverlochere Nickel,Copper, PGNM property and the Cere-Villebon Nickel, Copper, PGMproperty, all of which are in the province of Quebec. More detailedinformation is available on the 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
Email: ir@noblemineralexploration.com
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