(via Thenewswire.ca)
Toronto, Ontario - November 22, 2013, Noble Mineral Exploration Inc. (the "Company", "Noble" or "NOB") (TSX-V:NOB, FRANKFURT:NB7, OTC.PK:NLPXF) announces that it has closed a $1,000,000 debt financing with Bridging Capital Fund LP.
The loan provided to the Company 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 existing mortgages on the Company's properties in favour of Franco-Nevada Corporation (secured debentures issued in October 2011 (for a principal amount of $2,000,000) and April 2012 (for a principal amount of $1,500,000)). Also, other existing secured creditors of the Company have agreed with the lender that their loans would be subordinate to the security granted by Noble to Bridging Credit Fund LP.
Interest accrues on this new secured facility at prime plus 12% per annum, with interest to be paid monthly. Noble also paid a commitment fee of $20,000 to the lender.
The TSX Venture Exchange approved the terms of this transaction on September 9, 2013.
The proceeds of this loan will be used to provide the Company with working capital while the anticipated purchaser of the Company's surface and timber assets completes its due diligence. This due diligence is currently well underway.
The Company is continuing its efforts to monetize other of its assets, including by pursuing opportunities for real estate sales on other parts of Project 81. In addition, Noble is entertaining proposals for the establishment of joint venture relationships to advance mineral exploration of Project 81 (in the Timmins area of Northern Ontario) as well as the potential to develop the Company's Black Sands Gold Project near Wawa, Ontario.
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 - 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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