Noble Completes Second Tranche of Debt Financing
24 August 2013 - 9:37AM
Access Wire
Toronto, Ontario - August 23, 2013, Noble
Mineral Exploration Inc. (the
"Company", "Noble"
or "NOB")
(TSX-V:NOB, FRANKFURT:NB7,
OTC.PK:NLPXF) announces that it closed the
second tranche of a secured debt financing. At this closing, a
total of $169,453.00 was raised. $160,000 was raised in a first
closing on July 11, 2013.
The Loan provided to
the Company at this second tranche closing matures on July 11, 2017
and is secured by a mortgage on the property comprising Noble's
Project 81, as well as by a charge on all other assets of the
Company. The mortgage securing this loan is subordinate in ranking
to the mortgages in favour of Franco-Nevada Corporation with
respect to debentures issued in October 2011 (for a principal
amount of $2,000,000) and April 2012 (for a principal amount of
$1,500,000). Pursuant to an intercreditor agreement, the security
granted to the lenders in the second tranche closing (and any
future closings under this credit facility) rank equally to the
secured loans made to Noble under loan agreements dated October 19,
2012, December 22, 2012, and July 11, 2013,.
Interest accrues on
this new secured loan at 12% per annum, with interest to be paid
quarterly. As additional consideration to the lenders who advanced
funds to Noble in this closing, Noble has issued a total of 677,813
common shares (issued at a deemed price of $0.05 per share). These
shares are subject to a four-month hold period expiring on December
24, 2013.
The TSX Venture Exchange
conditionally approved the terms of this transaction on July 8,
2013. An application to the TSX Venture Exchange for final approval
of these loans and any further advances made under this secured
credit facility will be made after all future closings under the
facility, if any, are completed.
The proceeds of this loan will be
used to repay debts and to provide the Company working capital.
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
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