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Noble and Canada Nickel Announce Signing of Definitive Agreement for Creation of ExploreCo
(TheNewswire) TORONTO - TheNewswire - January 7, 2025 – Noble Mineral Explor...
About this update from Noble Mineral Exploration Inc.
[{"type":"text","content":"Noble and Canada Nickel Announce Signing of Definitive Agreement for Creation of ExploreCo\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n TORONTO -\n \n\n TheNewswire\n-\n \n\n January 7, 2025 – Noble Mineral Exploration\nInc.\n \n\n (\"\n \n\n Noble\n \n\n \" or the \"\n \n\n Company\n \n\n \") (TSXV: NOB) (OTCQB:\nNLPXF) is pleased to announce that it has signed a Definitive\nImplementation Agreement with  Canada Nickel Company Inc. (“Canada\nNickel”) whereby Noble and Canada Nickel will spin-out certain\nmining claims (the “Properties”) into a new company to consolidate\ntheir interests in large tonnage, low grade nickel projects northeast\nof Timmins, Ontario.\n \n\n\n\n\n\n The terms and conditions\nof the Definitive Implementation Agreement between Canada Nickel and\nNoble include:\n \n\n\n\n (i)\n \n\n The creation of\na private exploration company described herein as “ExploreCo”,\nwhereby Noble and Canada Nickel both transfer their interests in\nmining claims in Mann Township (the “Mann Property”)\n \n\n\n\n (ii)\n \n\n The transfer\nfrom Noble to Canada Nickel of certain mining claims and the transfer\nfrom Canada Nickel to ExploreCo of certain mining claims east of\nTimmins,\n \n\n\n\n (iii)\n \n\n Canada Nickel\nproviding initial flowthrough and hard dollar funding of $5 million\nfrom existing cash on-hand to ExploreCo, to be directed to exploration\nof the properties transferred into ExploreCo. After this initial\nfunding, ExploreCo will be owned 80% by Canada Nickel and 20% by Noble\nMineral Exploration and each Company will be responsible for their\npro-rata share of funding.\n \n\n\n\n (iv)\n \n\n The transfer\nby Noble of the right to acquire certain surface rights over the Noble\nProject 81 area that includes Canada Nickel’s Crawford\nProject,\n \n\n\n\n (v)\n \n\n The retention\nof underlying NSR and buy-back rights to Noble, Canada Nickel and any\nunderlying NSR owners,\n \n\n\n\n (vi)\n \n\n The retention\nof certain exploration rights by Noble on the transferred Project 81\nclaims and patents for non-nickel opportunities.\n \n\n\n\n The transactions under the initial Binding Letter of\nIntent received conditional approval from the TSX Venture Exchange in\nearly December 2024\n ...