Noble Mineral closes financing, settles debt

Executive Summary

• Noble Mineral Exploration Inc. closed a non-brokered private placement, raising approximately $1.05 million in gross proceeds through the issuance of flow-through common share units.
• The company settled bona fide debt with an arm's-length party by paying $14,000 in cash and issuing 466,666 broker warrants.
• Proceeds from the private placement are intended to finance exploration expenditures for critical minerals on the company's properties.

Key Details

• Private Placement Structure:
  • Gross proceeds: Approximately $1.05 million (before fees and expenses).
  • Units issued: 7,000,000 flow-through (FT) common share units.
  • Price per unit: 15 cents.
  • Composition per unit: One FT common share and one-half non-flow-through common share purchase warrant.
  • Total shares issued: 7,000,000 FT common shares.
  • Total warrants issued: 3,500,000 warrants.
  • Warrant terms: Each full warrant (requiring two units) is exercisable for two years at an exercise price of 20 cents per share.
  • Hold period: Four months for all securities issued.
  • Use of proceeds: To finance exploration expenditures for critical minerals on the company's properties.
  • Conditions: Subject to customary closing conditions, including TSX Venture Exchange approval.
• Debt Settlement:
  • Cash payment: $14,000.
  • Warrants issued: 466,666 broker warrants.
  • Warrant terms: Each warrant is exercisable for one common share at a price of 12.5 cents per share.
  • Warrant duration: Two years following issuance.
  • Hold period: Four months for all warrants issued in this transaction.
  • Counterparty: Arm's-length party.

Notable Quotes

• None provided in the text.