Noble Completes Fourth Tranche of Debt Financingadmin
Toronto, Ontario – October 9, 2013, Noble Mineral Exploration Inc. (the "Company", "Noble" or "NOB") (TSX-V:NOB, FRANKFURT:NB7, OTC.PK:NLPXF) announces that it has closed the fourth tranche of a secured debt financing. At this closing, $100,000 was raised. The total raised under this secured credit facility now stands at $479,453.
The loan provided to the Company at this fourth 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 lender in the fourth tranche closing ranks equally to the security underlining loans made to Noble under loan agreements dated October 19, 2012, December 22, 2012, as well as the security in favour of the lenders at the first three tranches of this secured debt financing.
Interest accrues on this new secured loan at 12% per annum, with interest to be paid quarterly. As additional consideration to the lender who advanced funds to Noble in this closing, Noble has issued a total of 400,000 common shares (issued at a deemed price of $0.05 per share). These shares are subject to a four-month hold period expiring on February 9, 2014.
The TSX Venture Exchange conditionally approved the terms of this transaction on July 8, 2013.
The proceeds of this loan will be used to repay debts and to provide the Company with 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
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.
Noble Mineral Exploration Inc.
H. Vance White, President
Posted: October 9th, 2013 under ACCESSWIRE.