Noble Announces Issuance of Shares under Debt Agreement with Directors, Management and Service Providers
(via Thenewswire.ca)
Toronto, Ontario - March 28, 2013, Noble Mineral Exploration Inc. (the "Company", "Noble" or "NOB") (TSX-V:NOB, FRANKFURT:NB7, OTC.PK:NLPXF) announces that, having received the approval of the TSX Venture Exchange (the "Exchange"), it has completed the shares for debt settlement outlined in its press release of February 21, 2013 (the "Shares for Debt Settlement").
As a result, a total of 2,140,593 common shares were issued to four service providers, three members of senior management and three non-management directors, settling a total debt of $107,029.67 at a price of $0.05 per share.
Consistent with the policies of the Exchange, at the Company's annual and special meeting of shareholders on February 28, 2013, the Company sought and received disinterested shareholder approval for the participation of certain of the Company's officers as creditors in the shares for debt settlement.
Hold Period
The common shares issued to the Company's directors and officers are subject to a hold period pursuant to the policies of the Exchange. The hold period will expire on July 26, 2013.
Related Party Transaction
Certain parties to the shares for debt settlement are "related parties" to the Company within the meaning of that term in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). For more information, please refer to the material change report to be filed in connection herewith.
While a material change report was not filed 21 days prior to the closing of the shares for debt settlement, the Company considers this to be reasonable in the circumstances in light of the detailed disclosure provided in its press release of February 21, 2013, and in order to permit the shares for debt settlement with related parties to be completed simultaneously with the settlement with other parties on the same terms.
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 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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