NLPXF - Noble Closes Nickel Property Sale and Receives 3.5 Million Shares of Canada Nickel
(TheNewswire)
Toronto, Ontario - TheNewswire - December 20, 2021 - Noble MineralExploration Inc. ( “Noble” or the“Company” ) (TSXV:NOB )( FRANKFURT:NB7 )( OTC:NLPXF) is pleased to announce that it hasclosed the transaction with Canada NickelCompany Inc. (“Canada Nickel”) to vend theproperties previously optioned to the Canada Nickel (the"Transaction"), plus additional properties held by Noble.Under the terms of the Transaction, the previous option and jointventure agreements therefore terminated. In the Transaction, Noblesold 100% of the subject properties in returnfor 3.5 million common shares of Canada Nickel. Noble intends todistribute those shares to its shareholders as a dividend based on arecord date to be established post closing, after the 4 month holdperiod on those shares has expired. Noble has retained a 2% royaltyon certain of the mining claims that are included in the propertiesbeing transferred.
Vance White, President and CEO of Noble said,“ This acquisitioneffectively consolidates all of the key nickel targets withinNoble’s Project 81 land package with Canada Nickel led by Mark Selbyand his team well recognized to be experts in the Nickel industry. Itwill allow Noble to focus on the multiple gold/VMS targets in itsremaining substantial land package. The dividend of 3.5 millionshares to Noble’s shareholders (valuation ~$12.25mm) will providethem with a direct interest in not only the option properties, butalso the Main Crawford Nickel deposit on which we expect to seeadditional drill hole results and a Feasibility Study in 2022. Noblewill retain a 2% NSR (subject to buyback terms) on each of the stakedmining claims in each of Mahaffy, MacDiarmid and Bradburn Townshipsfrom which we expect to see drilling results in early 2022. Further,this transaction will eliminate the need for Noble carry out anydownstream financing in order to maintain a Joint Venture interest inthe prospects.”
Transaction Summary: Under the terms of the Transaction Canada Nickel has issued3.5 million of its common shares to Noble in return for:
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A 100% interest in the previously optioned properties(see press releases dated July 13, 2020, April 9, 2021 and April 22,2021) plus additional claims, including the prospective Bradburn/Dargavel property.
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Noble will retain a 2% net smelter royalty on theclaims in Bradburn, Mahaffy and MacDiarmid townships, subject to theright of Canada Nickel to re-purchase 1% (half) of the 2% royalty heldby Noble for a re-purchase price of $1.5 million per property ifre-purchased during the one-year period after closing, increasing to$2.5 million per property if re-purchased during the second year afterclosing, and increasing to $5 million per property if re-purchasedmore than 2 years after closing.
The transaction has received conditional approval ofthe TSX Venture Exchange and is now subject only to final approval.
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 as wellas an additional ~11,000 hectares in the Timmins area. Project 81hosts diversified drill-ready gold, nickel-cobalt and base metalexploration targets at various stages of exploration. It will alsohold its recently acquired Nagagami Carbonatite Complex near HearstOntario as well as the Buckingham Graphite Property, the LaverlochereNickel, Copper, PGM property and the Cere-Villebon Nickel, Copper PGM property all of which are in the province ofQuebec. More detailed information 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 are detailed herein and fromtime to time in the filings made by the Company with the TSX VentureExchange and securities regulators. Noble Mineral Exploration Inc.does not assume 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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