Noble Mineral Exploration closes $309K first tranche

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By CPE News

Toronto (pcJ News Briefs) – Noble Mineral Exploration Inc. (TSX-V: NOB; FSE: NB7; OTCPK: NLPXF) has closed first tranche of its previously announced private placement by issuing 3,233,333 non-flow-through (NFT) units at $0.06 per NFT unit and 1,533,000 flow-through (FT) units at $0.075 per FT unit for aggregate gross proceeds of $308,975.

IBK Capital Corp. acted as agent for the offering.

Each NFT unit consists of one common share and one common share purchase warrant. Each Flow-Through Unit consists of one FT common share and one non-flow-through warrant. Each warrant entitles the holder to acquire one common share of Noble at an exercise price of $0.10 per share for a period of 5 years following the closing.

Noble Mineral Exploration paid a cash commission of $21,597.75 and issued 208,333 broker warrants exercisable at $0.06 per unit and 153,300 broker warrants exercisable at $0.075 per unit.

Noble will use the proceeds to continue its exploration activities on Project 81 (in particular as relates to the proceeds raised from the sale of FT units), to pay debts and for general working capital purposes.

Noble Mineral Exploration Inc. is a Canadian based junior exploration company which, apart from its shareholdings in MacDonald Mines Exploration Ltd. and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, holds in excess of 70,641 hectares of mineral rights in the Timmins – Cochrane areas of Northern Ontario known as Project 81. Project 81 hosts diversified drill ready gold and base metal exploration targets at various stages of exploration.