(via Thenewswire.ca)
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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