Noble Mineral Exploration Inc. (TSXV: NOB | FRANKFURT: NB7 | OTC: NLPXF) has closed the first tranche of its previously announced non-brokered private placement. At this first tranche closing, Noble raised gross proceeds of C$112,500 (before fees and expenses) through the issuance of 1.5M flow-through (FT) units priced at C$0.075 each.
Each FT unit is comprised of one share issued as a flow-through share and half of a non-flow-through share purchase warrant. Each full warrant issued will be exercisable for two years for one share of the company at an exercise price of C$0.125 each. Noble Mineral may close subsequent tranches of the private placement with the securities issued subject to a four-month hold period.
The closing proceeded after conditional approval was granted by the TSX Venture Exchange and remains subject to final approval as well as any other required regulatory approvals.
Noble intends to use the proceeds raised through the private placement to fund exploration expenditures on the company’s properties located in Ontario.
Noble Mineral is a Canadian-based junior exploration company that has interest in multiple properties across Canada, including the Holdsworth gold exploration property in Wawa, Ontario. It continues to hold approximately 25,000ha of mineral rights in the Timmins-Cochrane areas of northern Ontario known as Project 81, as well nearly an additional 11,000ha in the Timmins area, and about 14,400ha of mining claims in central Newfoundland.
Project 81 hosts diversified drill-ready gold, nickel, cobalt, and base metal exploration targets at various stages of exploration. It also holds about 14,600ha in the Nagagami Carbonatite Complex and approximately 4,600ha in the Boulder Project near Hearst, Ontario.
In addition, Noble has about 482ha in the Cere-Villebon nickel-copper-PGM property, nearly 3,700ha in the Buckingham Graphite Property, approximately 10,152ha in the Havre St Pierre nickel-copper-PGM property, and about 518ha in the Laverlochere nickel-copper-PGM property, all of which are in Quebec.
For further information, please visit: www.noblemineralexploration.com
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