NOB:CC - Noble Completes Shares for Debt Settlement and Provides Update on Share Distribution
(TheNewswire)
Toronto, Ontario - TheNewswire - April 19, 2022 - Noble Mineral ExplorationInc. (the "Company" or “Noble”) (TSXV:NOB ) ( FRANKFURT:NB7 ) ( OTC:NLPXF) announcedthat it has completed the debt settlement that was announced on April14, 2022, having received approval of board its Board of Directors andthe TSX Venture Exchange. 436,262 common shares of Noble were issuedin that transaction in settlement of f $61,076.70 of debt at $0.14 pershare. The shares issued are subject to a 4-month hold periodexpiring August 19, 2022.
Noble also announced that it was now able to provideadditional details regarding the previously announced special in-kinddistribution. More details on that distribution can be found in theCompany’s news release of March 9, 2022.
Shareholders are reminded that the distribution is being made at the rate of 0.01725 of a share of Canada NickelCompany Inc. (trading symbol TSX-V: CNC) (“ CNC ”) per wholeshare of Noble held (the “ Distribution ”). No fractional shares orcash in lieu thereof (or any other form of payment) will be payable aspart of the Distribution (with the number of CNC shares due to anyshareholder rounded down to the nearest whole share). The close of business on Monday, April 18,2022 (the “ RecordDate ”) was established as the record date forthe D istribution .
Based on the number of Noble shares outstanding at theclose of business on the Record Date, approximately 3,737,269 CNCshares will be distributed through the D istribution , although due to rounding thefinal number will be slightly lower. In connection with theDividend, acting on authorization previously granted by Noble’sshareholders, the Board of Directors implemented a reduction ofNoble’s stated capital. Based on the closing price of $2.69 perCNC share on the Record Date, the Company will be treating $2.52 perwhole CNC share as a return of capital to Noble’s shareholders, and$0.17 per whole CNC share as income distributed to Noble’sshareholders. However, Nobledisclaims any responsibility for the tax treatment adopted by any orall shareholders with respect to the D istribution , as the tax position that applies to anyshareholder will depend on a number of factors that are particular tothat shareholder. Shareholders are encouraged to seek their ownadvice as to the tax treatment of the Distribution applicable to them.
H. Vance White, President and CEO of Noble, added: “We’re very pleased to be completing this distribution. Applying the closing price for CNC’s shares on the Record Date,the D istribution results in more than $10Million being distributed to Noble’s shareholders. If you factorin the distribution of CNC shares completed by Noble in 2020, attoday’s price nearly $37 Million of value will have been distributedby Noble to its shareholders in the form of CNC shares in recentyears. Noble will retain more than 2.9 million shares of CNC afterthe D istribution has beencompleted, and the D istribution has encouraged a number of Noble warrant-holders to exercisetheir warrants in recent weeks, leaving Noble with a healthy cashposition of approximately $3mm.”
Due Bill Trading In Effect
Shareholders are reminded that the D istribution will be paid on or aboutMonday April 25, 2022 (the “ Distribution Payment Date ”), and Noble’s shares trade on a “DueBill” basis from the opening of trading on April 14, 2022 (the lasttrading day before the Record Date) until the close of business onApril 25, 2022 (the “ DueBill Period’ ). The Due Bill is effectivelythe entitlement to receive the D istribution . Any shareholder whosells shares of Noble during the Due Bill Period will also sell theentitlement to the D istribution . The Company’s common shares will begin trading on an ex- dividend basis, or without the entitlement to theD istribution , from theopening of trading on April 26, 2022 (being the next trading day afterthe D istribution PaymentDate).
The Due Bills will be redeemed on April 27, 2022, onceall trades with the attached Due Bills entered during the Due BillPeriod have settled.
Registered holders of Noble entitled to theD istribution , being thoseholding Noble share certificates and/or Noble shares under the DirectRegistration System (“ DRS ”), will receive the D istribution by way of DRS statements. The Company is also coordinating arrangements with depositories forthe issuance and distribution of the D istribution to those holding theirNoble common shares through brokerage accounts. Shareholders soholding their Noble shares through brokerage accounts should contacttheir brokers for further information regarding payment of theD istribution .
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 gold exploration property in thearea of Wawa, Ontario, will continue to hold approximately ~25,000hectares of mineral rights in the Timmins-Cochrane areas of NorthernOntario known as Project 81, as well as an additional ~11,000 hectaresin the Timmins area and ~14,400 hectares of mining claims in CentralNewfoundland. Project 81 hosts diversified drill-ready gold,nickel-cobalt and base metal exploration targets at various stages ofexploration. It will also hold its recently acquired ~14,600hectares in the Nagagami Carbonatite Complex near Hearst, Ontario, aswell as ~3,700 hectares in the Buckingham Graphite Property, ~518hectares in the Laverlochere Nickel, Copper, PGNM property and ~482 hectares in theCere-Villebon Nickel, Copper, PGM property, all of which are in theprovince of Quebec. More detailed information is available on thewebsite at www.noblemineralexploration.com .
Noble’s common shares trade on the TSX Venture Exchange 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 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:
Investor Relations
Email: ir@noblemineralexploration.com
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