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Noble Announces Completion of Crawford Nickel Project Property Transfer and Increase in Canada Nickel Private Placement to $6.5 million
Toronto - TheNewswire - December 3, 2019 - Noble Mineral Exploration Inc. (TSXV:NOB) (OTC:NLPXF) ("Noble" or the "Company") is pleased to announce the completio
About this update from Noble Mineral Exploration Inc.
[{"type":"text","content":"Toronto - TheNewswire - December 3, 2019 - Noble Mineral Exploration Inc. (TSXV:NOB) (OTC:NLPXF) (\"Noble\" or the \"Company\") is pleased to announce the completion of the transfer of the Crawford Nickel-Sulphide property (\"Crawford\" or the \"Project\") to Canada Nickel Company Inc. (\"Canada Nickel\"). The transfer was completed pursuant to an implementation agreement dated as of November 14, 2019 (the \"Implementation Agreement\") that was previously announced by Noble in its news release of November 28, 2019. In consideration of that transfer, Noble is being issued 12 million shares of Canada Nickel and $2 million in cash. \"I am very pleased to have completed these important steps in the planned consolidation of the Crawford property into Canada Nickel, and in the reduction of the royalty applicable to large portions of our Project 81 and advance to the next stage where we seek shareholder and subsequent court approval of the distribution of 10,000,000 Canada Nickel shares to the Noble shareholders\", said H. Vance White, President & CEO of Noble. Noble has received conditional approval from the TSX Venture Exchange for the transfer of the Crawford property to Canada Nickel, as well as for purchase of the 5% royalty and replacement of that royalty with a 2% royalty. Concurrently with the completion of the transfer, Noble has made a payment of $950,000 to the holder of the 5% net smelter return royalty that currently applies to the patented properties that are located within Noble's Project 81. As announced by Noble on October 24, 2019, the Company has entered into an agreement to repurchase that royalty for a payment of $2 million in three instalments. Today's payment of $950,000 is the second of those payments, and a final payment of $1 million remains to be paid by Noble. As announced by the Company on November 28, 2019, Noble has entered into agreements that would result in the 5% royalty, once purchased by Noble, being terminated and replaced by a 2% royalty payable. Canada Nickel Update - Financing Increased to $6.5 million and Board appointed Noble has also been advised by Canada Nickel that it has raised $2.9 million under the non-brokered private placement (the \"Private Placement\") described in Noble's news release dated October 1, 2019. Due to investor demand, the fully subscribed financing has been increas...